North Carolina Contracts Sink 18% in October
The pace of North Carolina’s new construction contracts fell in all three categories that McGraw-Hill Construction measures, resulting in an 18% overall drop for October, the company reported. An estimated $930.7 million in new contracts moved forward during the month.
Residential contracts tallied $430.8 million for the month, or 2% lower than last October. The nonbuilding sector, which includes infrastructure work, fell 3% compared to the same period of a year ago for a $157.5-million total. The volume of nonresidential contracts tumbled 36%, however, registering an estimating $342.3 million in new work.
For the year-to-date, two of North Carolina’s three sectors are negative, but the state’s overall total is 6% better than 2010’s pace, with about $12.3 billion in new contracts to date.
Nonresidential totals $3.7 billion so far in 2011, or 12% lower than a year ago. McGraw-Hill Construction estimates residential contracts at nearly $4.7 billion, or 9% less than last year’s pace. However, the nonbuilding sector, at $3.9 billion, is 76% ahead of the same period of a year ago, enough to keep the state’s overall year-to-date total positive.