Georgia's November Contracts Continue 2011 Upswing
The volume of new Georgia construction contracts continued to escalate in November, as McGraw-Hill Construction reported the overall value of new projects improved by 10%, compared to the same period of a year ago. The latest data marked Georgia’s sixth straight month of improving construction contract totals.
In November, all of the gains were in the nonresidential category, however. That sector tallied more than $529.5 million, for a 50% increase compared to last November. The nonbuilding category, which includes infrastructure work, fell 29% compared to a year ago, for a monthly total of $197.8 million. Residential contracts slid 4% for the month, with $266.8 million in new projects moving ahead, according to the company.
With the latest figures, Georgia’s cumulative contracts total for 2011 is now nearly $11.5 billion, or 13% ahead of last year’s pace through November.
The largest category, nonresidential, totals more than $5.1 billion on a year-to-date basis, for a 12% improvement compared to 2010. Residential, estimated at nearly $3.4 billion through November, is 4% ahead of last year’s pace. The nonbuilding category has surged the most, however, with its 29% year-to-date gain generating nearly $3 billion in new contracts.