Contracts For Future Residential Construction Fuel Florida Rebound

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http://www.newmiamiblog.com/files/2012/12/developer-businessman.jpgThe total dollar value of contracts for future residential construction in Florida has risen more than 45 percent for the year to date, which translates into approximately $1.2 billion of new construction work in a state that took a significant beating in the last recession.

According to McGraw Hill Construction’s latest report on the Florida construction market, October contracts (both residential and commercial) totaled just over $1.9 billion. Overall, in 2012, McGraw Hills estimates new construction contracts at $23.2 billion, a 19 percent increase from 2011.

Residential construction remains the main contributor to Florida’s resurgence. For the first ten months of 2012, Florida recorded more than $11 billion in new residential construction contracts, an increase of 45% from 2011. The majority of this growth has been fueled by the new condominium and apartment complexes, with South Florida leading the way in new multi-family housing developments.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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