North Carolina's 2011 Upturn in Contracts Continues in August
The value of North Carolina construction contracts signed in August totaled more than $1.1 billion, an increase of 11% compared to a year ago, according to McGraw-Hill Construction.
The nonbuilding and nonresidential sectors led the way in August. Nonbuilding, which includes infrastructure work, totaled $182.4 million for the month, an increase of 59% compared to the same period of a year ago. Nonresidential contracts totaled $474.1 million, an uptick of 35%. The volume of residential contracts declined, however, by 14%, to tally $469.4 million.
On a year-to-date basis, North Carolina’s 2011 construction contracts total $9.9 billion through August. That represents a 3% overall improvement compared to 2010’s pace.
So far, however, only the nonbuilding sector is positive. Through August, this construction category is 64% ahead of last year’s volume, with an estimated total of more than $3.1 billion. Residential contracts have tallied nearly $3.8 billion, or 12% behind 2010’s pace. Nonresidential contracts are also lagging by 12% compared to a year ago, and total nearly $3.1 billion so far.