New contracts for future Georgia construction activity increased by 10% in July, according to McGraw-Hill Construction, publisher of Engineering News-Record. The state recorded $957.4 million in new contracts during the month.
Residential provided most of the increase. For July, this category was 37% ahead of last year’s pace, with an estimated $402.4 million in new contracts moving forward. Nonresidential contracts also posted an increase, of 3%, for a nearly $397.3 million total. The nonbuilding sector, which includes infrastructure work, fell 17% compared to the same period of a year ago, and tallied nearly $157.8 million.
On a year-to-date basis, Georgia’s contract activity is estimated to be 9% behind 2010’s pace, with nearly $6.2 billion in new projects moving forward.
Through July, residential is the only positive sector, with its year-to-date total of $2.3 billion equating to a 7% gain compared to 2010. Nonresidential is 2% behind last year, with just over $3 billion in new contracts so far. The nonbuilding category is 42% behind 2010’s pace, with about $921.1 million in new contracts to date.