Value of New Florida Contracts Increased 10% in November
McGraw-Hill Construction, publisher of Southeast Construction, reported that the value of new Florida contracts signed in November for future construction improved by 10% overall, compared to the same period of a year ago. The total of all new contracts was nearly $1.7 billion, compared to the roughly $1.5 billion of last November.
Two of the three construction categories used by McGraw-Hill Construction improved by double-digit percentage points, while the residential marked dropped significantly. The nonbuilding sector improved the most in November, jumping by 46% compared to the same period of a year ago, for a total of about $496.5 million. The nonresidential sector showed improvement, too, increasing by 15% to total about $625.5 million in new contracts. The residential market declined by 14% and totaled roughly $543.7 million.
Through November, Florida’s overall total for new contracts is nearly $22.9 billion, or 25% behind 2008’s pace through the first 11 months. The nonbuilding sector remains the only positive sector for the year. This market totals roughly $7.4 billion through November, which is about 21% ahead of the same period of a year ago. Nonresidential, which totals roughly $8.6 billion through November, is now 33% behind 2008. Residential remains the smallest market on a year-to-date basis. Its nearly $6.9-billion total is 41% behind last year's pace.