Local Construction Contracts Declined 18 Percent in 2012Thursday, January 31, 2013
San Diego County finished 2012 with future construction contracts down 18 percent from 2011, according to new data reported by McGraw-Hill Construction.
Nonresidential and residential building projects totaled just over $2.89 billion for the year, down from $3.52 billion, according to a statement. Nonresidential projects dropped 29 percent in 2012, to $1.78 billion, while residential contracts rose 8 percent, to $1.11 billion.
The state of California saw overall construction contracts drop by 7 percent in the past year, to $43.38 billion. A 32 percent gain in residential building projects was offset by an 8 percent drop in nonresidential contracts, along with a 23 percent decline in non-building projects, such as streets, highways and water systems.
— SDBJ Staff Report