Nonresidential Slows in June, Cooling Pace of Florida Contracts
A big drop in the volume of new nonresidential contracts pushed Florida’s overall June total down 18%, compared to a year ago, according to McGraw-Hill Construction, publisher of ENR Southeast. The company estimated the value of new Florida contracts at roughly $2.1 billion for the month.
Florida’s nonresidential sector registered an estimated $411.9 million in new contracts in June, 59% lower than it had recorded in June 2011. The nonbuilding sector, which includes infrastructure projects, also declined, by 7%, to deliver about $665.4 million in new contracts.
Residential contracts continued to move forward at an accelerated pace, though. McGraw-Hill estimated this sector delivered nearly $1.1 billion in new contracts during June, or 21% better than a year ago.
On a year-to-date basis, new Florida construction contracts stand at nearly $13.8 billion through June, or 18% better than the first half of 2011, when McGraw-Hill estimated contracts at about $11.7 billion.
Residential has shown the most growth in 2012, with its $6.1-billion year-to-date total representing a 35% uptick so far. The nonbuilding sector is 12% ahead of last year, with just over $4.4 billion in new contracts.
The big June drop-off in nonresidential’s numbers pushed that category’s 2012 total down to non-positive territory, with its $3.3 billion tally on par with last year’s mid-year volume.