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.