Pace of Florida Contracts Regains Momentum in July
Florida construction markets gained further momentum in July, as an estimated $2.2 billion of new contracts moved ahead during the month, according to McGraw-Hill Construction, publisher of ENR Southeast. July’s overall total was a 23% improvement compared to the same period of a year ago.
The residential sector continued its upward climb, with its $1.2-billion tally for July representing a 26% increase compared to a year ago. Nonresidential contracts totaled just over $466 million for the month, a 29% jump compared to last July.
The nonbuilding category—which includes infrastructure contracts—experienced a 15% gain for the month, for about $564.2 million in new work.
As a result of the July numbers, all three of Florida’s construction categories are now positive on a year-to-date basis. The nonresidential category—previously negative through June—is now 4% ahead of 2011’s pace, with about $3.8 billion in new contracts having moved forward so far in 2012.
Residential contracts have provided the greatest surge so far in 2012, with the nearly $7.4 billion estimated through July equating to a roughly 35% year-to-date improvement. The nonbuilding sector, at nearly $5 billion, is 12% ahead of 2011’s pace.
Overall, McGraw-Hill Construction estimates the volume of Florida’s 2012 construction contracts at nearly $16.2 billion, or 19% higher than the first seven months of 2011.