S.C. Contracts Surging To a Happy Ending for 2011
A big jump in the value of new infrastructure contracts pushed South Carolina’s overall total for November construction well above the year-ago figure, virtually guaranteeing a positive 2011 for the state, according to McGraw-Hill Construction. The company estimated the state’s November contracts total at nearly $1.4 billion, or more than double the year-ago pace of roughly $510.2 million.
Nonbuilding contracts, which include infrastructure projects, totaled nearly $1.1 billion—nearly $1 billion ahead of last year’s November total of $140.1 million for this category. The residential category also registered some positive momentum, gaining 14% compared to a year ago, for a $229.7-million total. The value of nonresidential contracts fell significantly, however, dropping 51% for a $82.9-million total.
For the year-to-date, McGraw-Hill Construction now estimates South Carolina’s 2011 construction contracts at nearly $7.4 billion, or 17% ahead of 2010.
Nonbuilding is once again leading the charge. That category’s total is $2.1 billion, or 35% ahead of 2010’s pace through November. McGraw-Hill Construction estimates nonresidential contracts at nearly $2.1 billion, or 17% better than a year ago. Residential contracts are estimated at $3.1 billion through November, 7% ahead of 2010.