The value of new contracts sagged by 17% overall in October, with all three construction categories declining by double-digit percentages, according to McGraw-Hill Construction, publisher of Southeast Construction.
For the month, nonresidential contracts fell 19% to $449.5 million. The nonbuilding sector declined by 17% for an estimated $370.6 million tally. Residential fell 16% in October to total nearly $578.5 million.
For the year to date, Florida contracts are valued at slightly more than $21.2 billion, down 1% compared to last year’s $21.5 billion tally.
The nonresidential sector remains the only negative category for the year. It’s down 30% compared to a year ago, with $5.7 billion in new contracts for the first 10 months of the year. Nonbuilding contracts are up 18%, at $8.3 billion. Residential contracts are estimated at $7.2 billion, 15% ahead of the year-ago pace.