Commercial Construction Down, Residential Up in 2012Tuesday, November 27, 2012
San Diego County contracts for future nonresidential construction dropped 24 percent from a year ago in the first 10 months of 2012, while residential contracts rose 13 percent, according to McGraw-Hill Construction.
The construction data provider reported that the region’s nonresidential contracts — for projects including commercial, educational, recreational, religious and other buildings — totaled just over $1.67 billion in the January to October period.
Residential projects — covering single-family, apartment and other multifamily buildings — were at just over $933.8 million in the first 10 months of 2012. All nonresidential and residential projects totaled together, at just over $2.6 billion, were down 14 percent from a year ago.
The state of California saw nonresidential contracts drop 12 percent while residential contracts rose 34 percent in the same period. The state’s $35.7 billion in overall construction activity marked a drop of 12 percent from a year ago.
— SDBJ Staff Report