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TAMPA BAY — Recent Dodge Research and Analytics research on construction contracts draws into questions how much the construction market in the Tampa Bay region has improved.
Looking at contracts awarded for future construction in Hernando, Hillsborough, Pasco and Pinellas counties, the company found that the value of non-residential construction awarded declined last year by 27% compared with 2012. It reports that $667.58 million in non-residential work was awarded in all of 2013 compared with $912.94 million in 2012.
That decline was contrasted with the robust recovery in the residential construction market, which climbed 43% year over year. It grew to $3.01 billion last year up from $2.11 billion in 2012.
However, construction awards declined across all sectors by 24% or $61.33 million in December. Non-residential construction awards tumbled by 31%, or $28.38 million to $63.34 million. Residential construction fell by $32.95 million (20%) to $129.89 million from $162.84 million in 2012.
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