Year-over-year residential contracts in the region declined by 38 percent to $228 million in November, South Florida Business Journal reported. Nonresidential contracts dropped 21 percent to about $225 million in the same span. Combined, residential and nonresidential contracts declined by 31 percent from November 2012.
The sector looks stronger when examining the year-to-date figures, however. Residential contracts rose 19 percent to $3.7 billion in the first 11 months of 2013. When combined with a 9 percent drop in nonresidential contracts to $2.4 billion during the same span, the region posted a 6 percent increase in total building contracts from January through November. [South Florida Business Journal] — Eric Kalis