Most Major Metros Show Steep Declines in Nonresidential
Despite the value of its nonresidential building contracts dropping to a level that is less than half of last year’s, the greater Atlanta metropolitan area is still leading the Southeast’s pack. According to the latest information from McGraw-Hill Construction, publisher of Southeast Construction, Atlanta recorded more than $1 million in new nonresidential construction contracts, for future construction, during the first five months of 2009. That’s 56% below 2008’s pace of nearly $2.3 billion.
The Miami-Fort Lauderdale-Miami Beach area closed the gap on Atlanta, compared to the same period of a year ago, with nearly $971.8 million in new nonresidential contracts through May. That’s 45% behind that area’s 2008 pace.