Florida's Residential Contracts Surge in August
The value of new Florida residential construction contracts surged in August, offsetting significant declines in the other building categories and pushing the state’s overall monthly total to a 13% gain, according to McGraw-Hill Construction.
According to the company, Florida saw nearly $1.5 billion in new housing contracts commence in August, a 62% gain compared to the same period of a year ago.
The state’s other construction sectors declined significantly during the month, however. McGraw-Hill estimated Florida’s nonresidential contracts at roughly $506.3 million, or 28% lower than last August. Also, the nonbuilding category—which includes infrastructure contracts—fell 14% compared to a year ago, resulting in a $519-million total.
Altogether, Florida’s August contracts totaled nearly $2.5 billion for the month, or 13% better than a year ago.
On a year-to-date basis, McGraw-Hill estimates Florida’s new construction contracts total just over $18.7 billion, or 19% better than 2011’s pace.
Residential remains the strongest construction category for the year. Through August, housing contracts total nearly $8.9 billion, or 40% better than a year ago. Meanwhile, the nonbuilding category’s $5.5-billion tally through the first eight months of the year represents a 9% gain compared to 2011.
Nonresidential’s August decline took the category into negative territory for the year, with its $4.3-billion year-to-date total now equaling a 1% decline.