North Texas contracts for residential construction jumped 44 percent in December bringing 2012 to a close with a 28 percent increase for the year, according to a new report.
The McGraw Hill Construction report continues a run of positive construction and real estate news in recent months. Last week McGraw Hill reported construction growth of 6 percent for all of 2012 improving on the strengthening construction industry. The rise in the number of construction contracts is seen as a harbinger of construction starts in the following 90 days.
Residential contracts in the 12-county area included in the Dallas-Fort Worth-Arlington metro area grew to $542.6 million in December, up from $376.9 million in December 2011, according to a report from McGraw Hill Construction. Non-residential construction contracting was down 12 percent in December but finished the year 6 percent higher than 2011.
Total construction contracts were up 19 percent for the region in all of 2012 with contracts totaling $9.06 billion.
Statewide, Texas enjoyed a growth rate of 10 percent in total construction of $45.78 billion. But non-residential construction was down 8 percent for the year.