Residential Construction Contracts Surge, While Nonresidential Appear To Stumble
by: Andrew Schneider, August 6, 2013 12:08:00 am
The new construction contracts mark an increase of nearly 6% from June 2012. Strong gains in residential contracts offset a decline in nonresidentials. Patrick Jankowski is vice president of research for the Greater Houston Partnership.
“The nonresidential, it’s a little perplexing. You talk to the people in the real estate community, and they say it’s the one of the strongest markets they’ve ever seen. They say they’re seeing office construction, but it’s not showing up in the contract numbers that are being reported.”
New office construction around Houston is strongest in The Woodlands, West Houston/Katy Freeway, the Galleria, and Greenway Plaza. Jankowski notes that the McGraw Hill Construction contract data are subject to large revisions.