McGraw-Hill Construction, publisher of Southeast Construction, reported that the value of new Florida contracts signed in May for future construction declined by 16% overall. However, the nonbuilding market—which includes roads, bridges, sewers and other infrastructure—improved significantly for the second month in a row. The total of all new May contracts was slightly more than $2.3 billion, compared to last May’s $2.8 billion.
The nonbuilding sector improved by 40% in May, compared to a year ago, for a monthly total of about $747.7 million in new contracts. The nonresidential market declined 7%, however, to total slightly more than $1 billion. That compared to last May’s $1.1 billion.