Orlando commercial builders pick up pace in October

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Jim Carchidi

Builders reported working on more expensive commercial construction projects in October, according to the latest report from McGraw Hill Construction.

Anjali Fluker

Senior Staff Writer- Orlando Business Journal

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Builders appeared to have more expensive commercial construction projects in the works in metro Orlando in October, according to the latest report from McGraw Hill Construction.

Builders pulled permits for commercial projects valued at $101.3 million in October, nearly triple the $38.7 million in value reported in October 2013, the report showed. Homebuilders, however, saw values decline 12 percent in that same period, going from $323.1 million in permits pulled in October 2013 to $283.5 million in October 2014. In total, builders pulled $385.1 million worth of permits in this year's October, a 6 percent increase from $361.8 million in the year-earlier period.

Year-to-date, permit values for both commercial and residential projects fell 3 percent, from $4.1 billion in the first 10 months of last year to $3.96 billion this year. Home construction values totaled $2.98 billion in that period, a 6 percent increase from year-to-date 2013's $2.8 billion, while commercial values fell 23 percent, from $1.3 billion last year to $985.8 million this year.

The Orlando area's economy is driven heavily by new construction, since it creates jobs and brings new homes into the market to support a growing population, and also serves that population with new space for shops, offices and more. Lower values may be an indication that things are slowing down in the industry.

However, there are plenty more projects on tap in the coming months. Here are a few:

• Hilton Orlando to undergo meeting room expansion
• Smashburger eyes Altamonte, Lake Mary for next location
• How to get in on the action for Orlando airport's $215M intermodal hub
• Construction bid alert: Orlando's Merita facility to make way for truck sales/maintenance center
• Exclusive: New cattle ranch owner plans 2,000 homes, more in east Orlando

Be sure to come back to OrlandoBusinessJournal.com for updates.

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