Georgia's September Contracts Improve by 11%
Thanks to strong activity in the residential and nonbuilding categories, the value of Georgia’s new construction contracts improved by 11% overall in September, according to McGraw-Hill Construction. The jump resulted in an estimated $941.3 million in new contracts.
The residential market showed the greatest improvement for the month. The category registered nearly $335.6 million in new contracts, or 30% better than last September. The nonbuilding category, which includes infrastructure projects, recorded an estimated $110.2 million in new contracts, a 19% improvement over a year ago. The nonresidential category was flat compared to last September, with a roughly $495.6 million total.
The September increase helped improve the state’s year-to-date totals. Residential construction has improved the most, increasing by 10% compared to last year, for a $2.9-billion total through September. The nonresidential category is now 2% ahead of 2010’s pace, with more than $3.9 billion in new contracts to date. Meanwhile, the nonbuilding category, with nearly $1.2 billion in new contracts, is 37% lower than a year ago.
Overall, Georgia’s 2011 construction contracts are estimated at $8 billion, or 4% lower than the same period of a year ago.