County’s Future Construction Projects down 56% in First 2 Months of 2014Tuesday, March 25, 2014
San Diego County’s contracts for future construction were down 56 percent in value from a year ago in the first two months of 2014, according to new data from McGraw Hill Construction.
Contracts for residential and nonresidential projects totaled approximately $376.3 million for the January-February period. Residential projects declined 13 percent, to $237.5 million, while nonresidential contract values dropped 76 percent, to $138.8 million.
The residential category includes single-family and multifamily housing projects, while the nonresidential segment includes office, retail, hotel, industrial, educational and other nonhousing construction.
The state of California saw overall construction projects rise 8 percent in value from a year ago in the first two months, topping $6.58 billion. Much of the rise came from non-building projects, related to items like roads, bridges and water systems, which saw a 52 percent increase, to $2.94 billion.
The nonbuilding activity helped counteract a 30 percent decline in nonresidential building, while residential project values rose 2 percent statewide.