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Construction in Miami up 10.8%

Construction in Miami up 10.8% Over Last Year

CHICAGO – Oct. 22, 2012 – For major-metro regions in Florida – Jacksonville, Miami-Fort Lauderdale-Pompano Beach, Orlando-Kissimmee-Sanford, Tallahassee, and Tampa-St. Petersburg-Clearwater – had an increase in actively bid construction projects, according to the third-quarter BidClerk Construction Index (BCI). This increase covered both private and public construction projects that grew year-over-year and quarter-over-quarter.

Overall, Florida actively bid construction activity increase of 9.6 percent compared to one year earlier. Private construction rose 19 percent, while public construction rose 4.3 percent.

In a quarter-over-quarter analysis for all construction projects, the major-metro regions in Florida saw an increase of 12.3 percent. Third-quarter public projects saw an increase of 20.8 percent compared to the second quarter of 2012, while private projects increased 1.4 percent.

Miami
In a year-over-year analysis for the Miami region, actively bid public and private construction projects rose 10.8 percent compared to one year ago. Private projects increased 22.4 percent and public projects increased 4.4 percent.

Quarter-over-quarter, combined private and public construction projects in Miami increased 12.3 percent. Private projects rose 2.8 percent and public projects rose 19.3 percent.

Orlando
In a year-over-year analysis for the Orlando region, actively bid public and private construction projects dropped 4.4 percent compared to one year ago. Private projects decreased 3.1 percent and public projects decreased 5.6 percent.

Quarter-over-quarter, combined private and public construction projects in Orlando decreased 3.3 percent. Private projects decreased 4.5 percent and public projects dropped 2.2 percent.

Tampa-St. Pete
In a year-over-year analysis for the Tampa-St. Pete region, actively bid public and private construction projects rose 24.5 percent compared to one year ago. Private projects increased 23.7 percent and public projects increased 24.9 percent.

Quarter-over-quarter, combined private and public construction projects in Tampa-St. Pete increased 16.9 percent. Private projects decreased 9.1 percent and public projects rose 37.8 percent.

Nationally, actively bid combined public and private construction projects increased 3 percent in the third quarter of 2012, compared to the same quarter a year ago. Third quarter 2012 public construction increased modestly, rising just 0.2 percent, while third quarter 2012 private construction rose 12.3 percent, year-over-year.

BidClerk, a provider of construction project data and marketing tools for building product manufacturers, contractors and distributors, releases the BidClerk Construction Index quarterly.

© 2012 Florida Realtors®

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