McGraw-Hill Construction, publisher of Southeast Construction, reported that the value of new Florida contracts signed in August for future construction declined by 42% overall, compared to the same period of a year ago. The total of all new contracts was nearly $1.7 billion, compared to the nearly $2.9 billion of last August.
All three construction categories declined by significant double-digit percentage points. The nonbuilding sector fell 19% in August, compared to a year ago, for a total of about $475.6 million. The residential market declined by 42% and totaled roughly $651.3 million for the month. The nonresidential sector fell, too, by 53%, to total about $550.5 million in new contracts.