Construction deals hit slow patch in March

The value of all South Florida construction deals took a substantial turn for the worse in March, down 36 percent from the previous year.

Despite a strong first quarter for the industry, both residential and commercial construction contracts in South Florida plunged in March, according to new data published by McGraw Hill Financial. Commercial contracts fell 48 percent to $102.1 million. Meanwhile, residential contracts fell 30 percent to $256.1 million, the South Florida Business Journal reported.

The drop in residential contracts handed out in the month was surprising given that the numbers for the first quarter of the year were strong. Indeed, the dollar amount of new residential construction contracts signed in the first three months of 2014 rose a substantial 20 percent, the paper noted.

At the same time last year, construction contracts totaled $563 million. [SFBJ] — Sasha von Oldershausen