S.C. Contracts Stumble 11% in October
McGraw-Hill Construction estimated the value of South Carolina’s October construction contracts at $474.7 million, or 11% lower than the same period of a year ago.
The nonresidential construction category experienced the steepest decline, dropping 36% compared to last October to total $122.5 million. The nonbuilding sector, which includes infrastructure work, fell 25% and totaled $72.7 million for the month. Residential contracts turned up by 14% overall, however, for a total of $279.5 million.
For the year-to-date, McGraw-Hill Construction estimates South Carolina’s overall contracts total is still positive, with its total of nearly $6 billion representing a 3% gain over the pace of a year ago.
The largest category, residential, is 6% ahead of 2010’s pace, with about $2.9 billion in new contracts for the first ten months of the year. Nonresidential, at $2 billion, is ahead of last year by 25%. The nonbuilding sector, however, estimated at nearly $1.1 billion, is 26% behind last year’s pace.