Florida Contracts: Value of New Projects Drops 11% in February
Florida saw an 11% drop in the value of new construction contracts signed in February, leaving its year-to-date total 2% down from 2009’s pace, reported McGraw-Hill Construction, publisher of Southeast Construction.
During February, the value of new nonresidential contracts fell 23% compared to the same period of a year ago, for a total of $370.3 million. The residential category improved, with new starts increasing 31% to total $685.5 million. The nonbuilding category dropped 20% for a total of $1.3 billion.
For the year-to-date, Florida’s contract activity is 2% behind 2009’s early pace, with nearly $4.9 billion in new projects. The nonresidential market is 14% behind last year, with $1.2 billion in new starts. Nonbuilding contracts are also down, by 9%, for a $2.3-billion total. Residential starts are 33% ahead, however, for a roughly $1.4-billion tally.