June’s Nonresidential Drop Results in 37% Overall Decline
McGraw-Hill Construction, publisher of Southeast Construction, reported that the value of new Florida contracts signed in June for future construction declined by 37% overall. A 58% decline in the nonresidential sector, along with continued dropoff in residential, contributed to the overall downturn. The total of all new June contracts was nearly $1.9 billion, compared to last June’s $3 billion.
The nonbuilding sector improved again, however, this time by 67%, compared to a year ago, for a monthly total of about $468.1 million in new contracts. Nonresidential’s decline resulted in $675.6 million in new contracts. Residential continued to decline, with a 32% downturn in June for a $737.1-million total.