County’s January Construction Contracts Dropped Sharply from 2013Friday, February 28, 2014
Contracts awarded in January for future construction in San Diego County were down 78 percent from the first month of 2013, according to new data from McGraw-Hill Construction.
Nonresidential and residential contracts for the month had a total value of $131.7 million. An 88 percent drop in nonresidential projects was partially offset by a 5 percent increase in residential contracts.
January’s $63.6 million in nonresidential contracts included office, industrial, retail, educational, government and other nonhousing projects. Residential contracts, covering single-family and multifamily housing, totaled $68.1 million for the month.
The state of California saw January construction contracts drop 28 percent year-over-year, to $2.5 billion. Nonresidential projects were down 62 percent statewide, while residential contracts rose 1 percent.