McGraw-Hill Construction Report Shows Mixed Results for Philly
By: Brenda Stokes
on Wednesday, April 04, 2012
A new McGraw-Hill Construction report was just released that examined construction activity for the month of February. Philadelphia showed some positive signs with more construction occurring in the month than in February 2012. However, the overall numbers have declined when compared to January numbers.
The report examined future construction contracts for the area between South Jersey and northern Delaware. Residential construction contracts are estimated at $89.2 million, up from $71.1 million last year. Nonresidential clocked in at $130.6 million, up from $68.7 million last year. This is a total of $219.8 million, an increase from $139.8 million, or a 57 percent increase.
While the monthly numbers look good, the yearly numbers aren't nearly so promising. So far this year, nonresidential contracts have brought in $172.7 million. However, at this time last year, Philly had brought in $290.1 million. Residential contracts brought in $165.5 million, bringing the total to $338 million this year and $419.1 million last year. This is a decrease of 19 percent.
It's hard to say what this means for the rest of the year because an individual month could bring a rebound in the numbers. Even so, only time will tell what the rest of the year's contracts will hold for the city.
For clarity's sake, nonresidential buildings in the report included manufacturing, educational, recreational, hotels, dorms, religious, and commercial buildings. Residential buildings in the report included apartments, single, and double family housing.