It appears that construction activity is on the increase here in the New Orleans area.
A recent report by Dodge Research and Analytics looked at new construction contract activity in the area in March of this year. The report indicates that there was quite a bit more activity this March than there was last March.
According to the report, the total monetary value of new contracts for construction in the New Orleans area in March of this year was $152.5 million. In comparison, the total from March 2014 was only $109.3 million. This is around a 40 percent year-over-year increase.
New construction contract activity in the New Orleans area rose in both the commercial construction realm and the residential construction realm in March, though the increase was much larger for commercial construction.
There was a 66 percent increase in new construction contracts for commercial construction this March. Meanwhile, the rise this March for new construction contracts for residential construction was only a 6 percent increase.
Why do you think construction contract activity, and particularly commercial construction contract activity, has been heating up here in the New Orleans area as of late?
Given the statistics from the report, it appears that construction projects may be becoming an increasingly common sight in the New Orleans area. Construction projects, whether they be commercial construction projects or residential construction projects, can be remarkably complex things with lots of interconnected parts and processes. Thus, when parties involved in a construction project get into a disagreement in connection to the project, the disagreement can sometimes have the potential to bring the entire project to a halt. Thus, finding the right way to resolve such disagreements can be very important when they arise. Attorneys can help businesses and individuals with navigating construction disagreements, disputes and litigation.
Source: nola.com, "New Orleans construction contracts climb in March," Jennifer Larino, April 30, 2015