South Carolina Contracts Drop 22% in May
The pace of new South Carolina construction contracts fell significantly in two of three construction sectors in May, resulting in a 22% overall decline, according to McGraw-Hill Construction, publisher of ENR Southeast. The end result was $468.7 million in new starts.
Nonresidential fell the furthest, as this sector’s May total of nearly $90.7 million was 57% below the pace of a year ago. The nonbuilding sector, which includes infrastructure contracts, recorded $76.7 million in new starts during the month, or 28% behind last May’s volume. Residential work collectively improved by 7%, with about $301.3 million in new contracts moving forward during the month.
For the year to date, South Carolina’s construction contract activity remains 10% behind the 2010 pace, with new projects estimated at slightly more than $2.8 billion.
Nonresidential is 22% ahead of last year’s pace, with an estimated $1 billion in construction starts so far this year. Residential volume is 13% below last year’s pace, with just over $1.3 billion in new contracts. Nonbuilding construction contracts are estimated at nearly $495.6 million, or 38% behind the 2010 volume.