The monthly report from McGraw Hill Construction on local contracts awarded in May showed a sharp increase from a year earlier for nonresidential building construction, while showing a decrease on the residential side.
According to the report study, which was performed by Dodge Research and Analytics, contracts awarded in May for nonresidential buildings in the San Diego-Carlsbad-San Marcos metropolitan area were valued at $761,570,000. That amounted to more than 14.4 times what was awarded in May 2013 when $52,809,000 in contracts were awarded in the category. Statewide, $4,191,388,000 in contracts were awarded for non-residential building construction, equaling a 140.4 percent jump from May 2013.
Locally, contracts for future construction of residential buildings went the other direction, declining in the San Diego region by 45 percent with $81,909,000 in contracts awarded in May compared to a value of $149,575,000 in May 2013. The state experienced an overall year-over-year bounce for the month, though, with an 8 percent increase in residential building contracts.
Nonresidential buildings include office, retail, hotel, warehouse, manufacturing, educational, healthcare, religious, government, recreational, and other buildings outside of single family homes and multifamily housing. Through May, combined awards of nonresidential and residential contracts in San Diego County outvalue 2013 awards through May by 60 percent.