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TAMPA BAY — New construction statistics from McGraw Hill Construction show that commercial construction is down from 2012 in the Tampa Bay area.
Year to date through September, the value of awarded commercial building contracts — a strong indicator for upcoming construction — in Hernando, Hillsborough, Pasco and Pinellas counties has fallen by $67.38 million or 12% from the same period last year.
In September alone, the value of new commercial building contracts fell by 75% or $71.53 million to just $23.36 million.
The decline in contract value is occurring statewide as well, but not to the same extent. Florida commercial building contracts declined 3% year to date from September and is down 55% in September.
However, residential construction is more than making up for the shortfall. Year to date, awarded residential contracts jumped by $883.81 million (57%) over the same period in 2012. For September, residential construction contracts grew by $82.96 million (46%)
Year to date
Type 2013 2012 change percent change
Nonresidential $497,330 $564,710 ($67,380) 12%
Residential 2,426,145 $1,542,338 $883,807 57%
September
Nonresidential $23,360 $94,892 ($71,532) -75%
Residential $264,572 $181,611 $82,961 46%
(In thousands)
Source: McGraw Hill Construction's Dodge Research and Analytics
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