The 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.