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.

Scott Judy is Deputy Editor for Regions, and editor of ENR Southeast, one of Engineering News-Record's 10 Regional publications. His roughly 27 years as a construction journalist began with an 11-year stint covering Midwest construction projects. In 2000, Judy helped launch the publication now known as ENR Southeast. He often delves into controversial aspects of the construction industry such as bankruptcies and fatal accidents, and wishes he would never have to cover another accident but suspects that he might.