The Real Deal Miami

Area construction pipeline down more than 50 percent

June 26, 2009 04:38PM

South Florida’s construction pipeline was down more than 50 percent year-over-year in May, according to a report from McGraw-Hill. Construction contracts currently stand at $1.2 billion, a drop from $2.6 billion in 2008. Residential building contracts, for single-family homes, duplexes and apartments, fell 54 percent in Miami-Dade, Broward and Palm Beach counties. Non-residential contracts, for commercial, manufacturing, education, religious, administrative and other types of projects, plunged 63 percent, according to the report.