Is Construction in Florida Finally Starting to Turn the Corner?
After several long years of a battered construction economy in Florida, most contractors with whom I’ve spoken recently have expressed improvement in their work loads and some have even developed that long sought after backlog. A recent report supports those positive sentiments. In a report by BidClerk, it was announced that construction in Florida major-metro markets increased 9.6% from last year in a year-over-year analysis. BidClerk found private construction bidding increased 19% from this time last year, whereas public construction bidding increased only 4.3%. The public construction numbers aren’t as discouraging as they may appear at first blush because of the current trend towards public/private partnerships (“P3s”). Public construction is predictably down because of the lack of public funds, but private enterprise is coming to the rescue in the push towards P3s. The shift from traditional public delivery methods to a new, thus far unfamiliar model takes time. But it is clearly underway, as you can tell from my previous posts on this topic, and it is just a matter of time before public construction increases using the P3 model. Therefore, BidClerk’s report bodes very well for both private and public sectors of construction. It’s time to dust off that rolodex and start hitting the streets. The work is there for the taking and I suspect things are only going to get better from here.