Birmingham construction contracts drop 70 percent
Birmingham Business Journal – by Lauren B. Cooper Staff
A recent report shows that contracts for future construction in Birmingham plummeted 70 percent overall last month.
Broken down, local commercial building contracts dropped 71 percent to $52.1 million, compared to November 2007, and residential contracts fell 69 percent to $29.8 million, according to McGraw-Hill Construction, a company that tracks construction projects nationwide.
Year-to-date, commercial building contracts fell 30 percent and residential fell 48 percent, compared to the first 11 months of last year.
Overall, statewide, contracts fell 22 percent for the month to $545.3 million, but increased 24 percent year-to-date to $11.1 billion. This includes commercial, residential and infrastructure utility construction.