South Carolina Contracts Decline 13% in July
A significant decline in infrastructure work caused South Carolina’s overall total for July construction contracts to decline by 13%, for a total of $482.3 million, according to McGraw-Hill Construction, publisher of Engineering News-Record.
In July, the nonbuilding sector, which includes infrastructure, fell 56% compared to the same period of a year ago, for a total of just $76.6 million in new contracts. Residential contracts fell, too, by 5%, for a $242.4 million total. Nonresidential experienced a 32% gain, however, with about $163.3 million in new contracts.
On a cumulative year-to-date total, South Carolina contracts are estimated at $4 billion, or 9% behind 2010’s pace through July. Again, nonbuilding is down significantly overall, with its $691.4 million total equaling a 43% decline. Residential contracts are estimated at nearly $1.9 billion, or 8% behind last year’s pace.
The bright spot is the nonresidential sector, which has gained 25% on a year-to-date basis, with an estimated $1.5 billion in new contracts so far.