South Carolina Sees 46% Gain in August Contracts
The overall value of new South Carolina construction contracts totaled $650.1 million in August, a 46% jump over the same period of a year ago, according to McGraw-Hill Construction, publisher of Engineering News-Record.
The nonbuilding sector, which includes infrastructure work, more than doubled compared to the same period of a year ago. The category recorded an estimated $204.2 million in new contracts in August, well ahead of the $80.7-million total from a year ago. Residential work also picked up the pace, with the $325.9 million in August contracts representing a 42% gain over last year. Nonresidential contracts fell by 11%, however, for a $120-million monthly total.
On a year-to-date basis, the pace of South Carolina’s construction contract activity is 1% behind that of 2010, with nearly $4.8 billion in new projects having moved forward so far this year.
The nonresidential category is the only positive sector. Its year-to-date total of $1.6 billion is 25% ahead of 2010’s pace. Residential is flat compared to a year ago, with nearly $2.3 billion in new contracts so far. The nonbuilding sector is 31% behind last year, with an estimated $896.8 million in new contracts to date.