Residential Contracts Continue to Fuel Florida Rebound
Construction contracts for Florida housing projects soared again in October, as approximately $1.2 billion worth of new residential work moved ahead during the month, according to McGraw-Hill Construction. That figure marked a 46% gain over the residential category’s year-ago estimate, and helped offset declines in other markets to push the state’s overall October total to a 4% gain.
Overall, McGraw-Hill Construction estimated Florida’s October total at just over $1.9 billion. The nonresidential construction category added roughly $416.6 million in new contracts for the month, a 15% decline from a year ago. And the nonbuilding category—which includes infrastructure projects—recorded nearly $322.4 million in new work, a 42% drop compared to last October.
For the year-to-date, McGraw-Hill now estimates new Florida contracts at $23.2 billion, or 19% higher than the amount reported for same period of a year ago, $19.5 billion.
Residential remains the main contributor to the Florida construction industry’s 2012 resurgence. For the first 10 months of the year, the state has recorded nearly $11.7 billion in new residential construction contracts, for an increase of 45% compared to 2011.
Nonresidential is the only other positive sector for 2012, though, with its $5.5-billion year-to-date tally representing a 3% gain over last year’s total. The nonbuilding category, with nearly $6.1 billion in new contracts, is flat compared to 2011.
Click here to read about the Southeast construction industry's prospects for 2013.
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