Value of New Florida Contracts Fell 38% in September
McGraw-Hill Construction, publisher of Southeast Construction, reported that the value of new Florida contracts signed in September for future construction declined by 38% overall, compared to the same period of a year ago. The total of all new contracts was slightly more than $1.6 billion, compared to the roughly $2.7 billion of last September.
All three construction categories declined by double-digit percentage points. The nonbuilding sector fell the least in September, dropping 11% compared to a year ago, for a total of about $461.7 million. The residential market declined by 26% and totaled roughly $632.4 million for the month. The nonresidential sector fell the most, by 58%, to total about $542.6 million in new contracts.