The Real Deal Miami

Florida construction plunges

July 15, 2009 09:36AM

Statewide building activity is down sharply from the building boom
peak
of 2005, according to a new report from McGraw-Hill Construction. The
report, titled 2009 Florida Construction Outlook: Mid-Summer Update,
indicated that single-family construction is
down 86 percent in 2009 from 2005 levels, with a value of $5.3 billion;
commercial construction is forecast to drop 38 percent between 2008 and
2009, to $4.4 billion. Federal stimulus money will bolster
infrastructure projects by 50 percent, to $9 billion, the report said.