Construction contracts up 19% in South Florida

The latest numbers confirm that a South Florida construction boom is underway.

According to McGraw Hill Financial, there was a 19 percent increase in construction contracts awarded in South Florida through the first nine months of 2014, the South Florida Business Journal reported. The firm said that there were $6.02 billion in construction contracts handed out in the tri-county region, an increase from $5.06 billion in the year-ago period.

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Most of those contracts went to residential projects, which saw a 30 percent rise to $3.96 billion.

That contrasts with commercial construction, which grew only 2 percent to $2.05 billion. [South Florida Business Journal]  – Jennifer White Karp