Florida Department Of Transportation Highway Construction Leading Indicator Report

Florida Department of Transportation Highway Construction Leading Indicator Report

Slight declines in Street Construction PPI and lower Diesel Fuel prices suggest no upward price pressures for construction costs. Steep Heavy Construction Employment declines signal a continuing soft market for construction contractors. Stabilizing Housing Permit numbers and improving Home & Condo Sales suggest the declines in housing competition for construction capacity may have bottomed. Stimulus plan initiatives may influence these trends over the next several months. National Cost Indicators - The Producer Price Index for Highway and Street Construction decreased by 0.5% from January to February 2009. Diesel Prices decreased 4.2%. Residential Construction and Sales Activity - Florida Permit Activity in February 2009 increased by 22.1% from January 2009. Florida Home & Condo Sales increased by 18.6%. Labor Statistics - Florida's Unemployment Rate for February 2009 was 9.4%, higher than the 8.6% rate in January. Florida's Total Construction Employment decreased by 4.1%. Florida Heavy and Civil Construction Employment decreased by 5.1% to levels not seen since 1997. National Economic Indicators - The Purchasing Managers Index (PMI) for manufacturing activities increased to 35.8% in February 2009, a 0.6% increase from January's 35.6%. Note: A PMI value of greater than 50% indicates that US manufacturing is expanding, while anything below 50% means that the industry is contracting.

Page 1 of 4 Pages

March 27, 2009

Florida Department of Transportation Highway Construction Leading Indicator Report Change from Average Value Same Month this Calendar 3 Month Last Year (%) Year to Date Trend

Feb 2009 Value

Change from Last Month (%)

PPI Highway & Street Construction

200.8

-0.5%

-2.5%

201.3

ÐÏÐ

See Graph

Diesel # 2 Price Per Gallon (Monthly Average)

$2.20

-4.2%

-35.0%

$2.24

ÐÐÐ

See Graph

FL Residential Building Permits

3,478

22.1%

-40.7%

3,164

ÏÐÏ

See Graph ($)

US Residential Building Permits

37,965

4.7%

-48.3%

37,108

ÐÐÏ

FL Realtor Home & Condo Sales

13,056

18.6%

17.9%

12,031

ÏÐÏ

FL Single Family Home Median Price

$141,900

1.7%

-28.7%

$140,700

ÐÐÏ

FL Condo Median Price

$109,300

-3.6%

-37.8%

$111,350

ÎÐÐ

9.4%

9.3%

104.3%

9.0%

ÏÏÏ

8.1%

6.6%

68.8%

7.9%

ÏÏÏ

FL Total Construction Employment

437,700

-4.1%

-20.3%

447,000

ÐÐÐ

FL Heavy Civil Construction Employment

57,800

-5.1%

-18.6%

59,350

ÐÐÐ

US Federal Funds Rate

0.25%

0.0%

-91.7%

0.25%

ÐÎÎ

ISM PMI

35.8%

0.6%

-25.9%

35.7%

ÐÏÏ

INDICATOR DESCRIPTION

Note

National Cost Indicators

Residential Construction and Sales Activity

Labor Statistics Florida Unemployment Rate US Unemployment Rate

See Graph

National Economic Drivers/Indicators

Page 2 of 4 Pages

March 27, 2009

Florida Department of Transportation Highway Construction Leading Indicator Report

58

250 240 230 220 210 200 190 180 170 160 150 140 130 120 110 100

Value of Residential Building Permits Issued in Florida 5.0

61747

4.5

3634

3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0

US Average Price of Diesel No. 2

Florida Heavy Construction Employment 85.0

$5.00 $4.50

$3.50 $3.00 $2.50 $2.00

80.0 Size of Workforce (000s)

Price per Gallon ($)

$4.00

3634

4.0 Monthly Value ($Billions)

Producer Price Index Value

PPI for Highway and Street Construction

75.0

70.0

65.0

60.0

$1.50 $1.00

55.0

Page 3 of 4 Pages

March 27, 2009

Florida Department of Transportation Highway Construction Leading Indicator Report

February 2009

Change From Last Month (%)

Change From Same Month Last Year (%)

Change in Year to Date Cumulative Value (%)

3 Month Trend

37,965

4.7%

-48.3%

-50.3%

ÐÐÏ

New Residential Units Permitted

3,478

22.1%

-40.7%

-52.0%

ÏÐÏ

Single Family Home Sales

9,858

16.7%

18.6%

21.7%

ÏÐÏ

$141,900

1.7%

-28.7%

n/a

ÐÐÏ

National New Residential Units Permitted

Statewide

Single Family Home Median Sales Price

District 1 446

61.6%

-41.2%

-62.2%

ÏÐÏ

1,906

15.1%

28.6%

33.4%

ÏÐÏ

$102,150

-2.5%

-43.8%

n/a

ÏÐÐ

1,339

344.9%

143.9%

22.8%

ÐÐÏ

835

27.9%

0.8%

1.8%

ÏÐÏ

$147,750

-10.4%

-17.1%

n/a

ÏÐÐ

New Residential Units Permitted

258

53.6%

-49.0%

-60.5%

ÐÐÏ

Single Family Home Sales

500

18.8%

-28.5%

-26.6%

ÏÐÏ

$173,800

7.1%

-4.4%

n/a

ÐÐÏ

New Residential Units Permitted Single Family Home Sales Single Family Home Median Sales Price

District 2 New Residential Units Permitted Single Family Home Sales Single Family Home Median Sales Price

District 3

Single Family Home Median Sales Price

District 4 (and 6) New Residential Units Permitted Single Family Home Sales Single Family Home Median Sales Price

341

-35.5%

-77.6%

-63.8%

ÏÐÐ

1,404

13.6%

37.1%

38.9%

ÏÐÏ

$214,400

12.3%

-30.3%

n/a

ÐÐÏ

District 5 New Residential Units Permitted Single Family Home Sales Single Family Home Median Sales Price

487

-23.5%

-62.7%

-68.7%

ÏÏÐ

2,445

19.2%

19.8%

24.3%

ÏÐÏ

$123,900

-0.9%

-26.3%

n/a

ÐÐÐ

District 6 New Residential Units Permitted Single Family Home Sales Single Family Home Median Sales Price

included in 4

n/a

n/a

n/a

n/a

409

0.5%

67.6%

56.9%

ÏÐÏ

$195,500

-6.1%

-36.1%

n/a

ÐÐÐ

District 7 New Residential Units Permitted Single Family Home Sales Single Family Home Median Sales Price

279

-56.2%

-55.9%

-38.2%

ÐÏÐ

1,856

18.0%

22.5%

24.7%

ÏÐÏ

$131,400

7.4%

-26.6%

n/a

ÐÐÏ

Note: District permit data does not include non-metro area permits.

Page 4 of 4 Pages

March 27, 2009