Future Construction Contracts Down 17 Percent Locally; Residential RisesWednesday, December 26, 2012
San Diego County contracts for future construction, including residential and commercial projects, were down 17 percent from a year ago in the first 11 months of 2012.
Industry data provider McGraw-Hill Construction reported that the region had slightly more than $2.77 billion worth of projects in the works through November, compared with $3.33 billion in the same period of 2011.
Nonresidential project contracts were down 28 percent from a year ago on a cumulative basis, to $1.7 billion, while residential projects rose 11 percent, to slightly more than $1 billion.
The state of California saw overall contracts for future construction drop 14 percent from a year ago, to slightly more than $38.2 billion. Nonresidential project contracts were down 13 percent, while residential contracts were up 29 percent, according to McGraw-Hill.
— SDBJ Staff Report