Caution! Houston area construction contracts April 2014
HOUSTON – McGraw Hill reports that $9.7 billion in construction contracts were awarded in the metro area from January to April 2014. This includes $6.7 billion in nonresidential and $3.0 billion in residential construction.
Readers are cautioned that year-to-year comparisons of nonresidential data have become near meaningless because of the billion dollar contracts for chemical plant construction that have recently been awarded.
The Greater Houston Partnership estimates that about three-fourths of the $6.7 billion in nonresidential value announced so far this year consists of mega projects. The contracts are a once-in-a-generation phenomenon and will skew the data upward over the next several years.
Residential data, however, is not subject to mega-project announcements, so year-to-year comparisons are more meaningful. GHP will continue to report both nonresidential and residential data, but readers are advised that the chemical plant construction awards will distort the data for some time. Given that, construction contracts are summarized below.
| April | ||
| 2014 | 2013 | |
| Nonresidential | $3,789,817,000 | $343,728,000 |
| Residential | $878,094,000 | $864,855,000 |
| Total building | $4,667,911,000 | $1,208,583,000 |
| Year-to-Date | ||
| Nonresidential | $6,728,287,000 | $1,168,787,000 |
| Residential | $3,008,334,000 | $2,777,245,000 |
| Total building | $9,736,621,000 | $3,946,032,000 |
* includes Austin, Brazoria, Chambers, Fort Bend, Galveston, Harris, Liberty, Montgomery, San Jacinto and Waller Counties.
Source: McGraw Hill Construction
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