South Carolina Contracts Decline 12% in June
A significant decline in the value of nonbuilding projects caused South Carolina’s overall total for new construction contracts to decline 12% in June, according to McGraw-Hill Construction, publisher of ENR Southeast. The state recorded an estimated $648.9 million in new contracts during June.
The nonbuilding sector fell 53% compared to the same period of a year ago, for a June total of $113.6 million. It was the lone negative sector for the month, however.
Nonresidential experienced a 17% increase in June, for a total of $235.7 million in new contracts. Residential contracts edged up 3% for a total of $299.6 million.
On a year-to-date basis, McGraw-Hill Construction estimates South Carolina’s new construction contracts at slightly more than $3.5 billion, or 9% below the nearly $3.9 billion that was recorded through the first half of 2010.
Through June, nonresidential is the only positive sector. Its total of nearly $1.3 billion is 22% ahead of 2010’s pace. Nonbuilding contracts have experienced the greatest percentage decline to date, with its $611 million total representing a 41% drop from a year ago. The company estimates new residential contracts at about $1.6 billion, or 8% lower than last year.