Miami metro area construction contracts up 73 percent: report

Contracts for future construction in South Florida are up 73 percent for the year to date through November, compared to the same period in 2011, according to a report from McGraw Hill Construction. Building contracts totaled $5.4 billion at the end of November, up from $3.12 billion at the end of November 2011. Residential contracts have seen the biggest increase, with a 93 percent improvement to $3 billion during the time frame. Nonresidential contracts are up 53 percent to $2.4 billion. McGraw-Hill’s report covers the metropolitan area of Miami Fort Lauderdale and Miami Beach. — Alexander Britell