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.