Florida Contracts Fall 50% in February
In February, for the second month in a row, the value of Florida’s new construction contracts was 50% below the same period of a year ago, according to the latest information from McGraw-Hill Construction, the publisher of ENR Southeast. The overall total for February was slightly more than $1.3 billion, down from last February’s $2.7 billion.
Again, the nonbuilding and nonresidential sectors experienced the greatest declines. The value of new nonbuilding contracts was $309 million, or 79% behind the year-ago pace of nearly $1.5 billion. Nonresidential contracts fell by 25%, and totaled $352.8 million. The residential sector also declined, by 6%, to tally roughly $674.9 million.
For the year-to-date, the nonbuilding sector is off by 79%, with roughly $509.3 million in new contracts through the first two months. The nonresidential sector is 47% behind last year’s pace, with an estimated $748.6 million in new contracts. Residential is 9% behind 2010’s early pace, with just over $1.3 billion in new contracts so far this year.
Through February, the collective value of Florida contracts is estimated at nearly $2.6 billion, or 51% behind the pace of a year ago.