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Sd Contracts for Future Construction Up 35% in 2014 but Residential Declined

May 12, 2022

Sd Contracts for Future Construction Up 35% in 2014 but Residential Declined

Based on data from McGraw Hill Construction, contracts for construction in San Diego are up 35% since this time last year, with a value topping $3.1 billion. Interestingly, 2/3 of the money, around $2.35 billion, is coming from nonresidential construction. Nonresidential projects include commercial, industrial, office, retail, healthcare, and government buildings. $2.35 billion is more than double what was contracted last year, and this number only includes January - to August. Residential projects (single-family and multi-family housing) total $748.6 million which is a 36 percent decline from last year. If residential building continues on this trajectory, inventory demand for Buyers will remain high and prices will continue to increase. California's nonresidential projects are up 22% and residential contracts are up 7%, but nonbuilding projects (roads, bridges, etc...) are down 31% so overall there has been a 2% decline in projects since 2013.




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