Contracts for future construction in South Florida rose 38 percent in July to $597.3 million from $431.3 million a year earlier, according to McGraw Hill Construction.
Of that, new residential construction contracts rose 52 percent in July to $352.2 million from $232 million a year earlier for the metropolitan area encompassing Miami-Dade, Broward, and Palm Beach counties, McGraw Hill said. Nonresidential construction permits were up 23 percent to $245 million in July from $199.3 million a year earlier, the New York-based firm said.
For January through July, new construction contracts totaled $3.70 billion, up 24 percent $2.98 billion in the year-ago period.
Of that, new contracts for residential building jumped 45 percent to $2.19 billion from $1.51 billion during the first seven months of 2013, while new nonresidential construction contracts rose just 2 percent to $1.51 billion from $1.47 billion last year, McGraw Hill said.