Georgia Contracts Stumble 7% to Start the Year
Two of Georgia’s three construction sectors experienced positive gains in new contracts during January, but a significant decline in nonresidential work pushed the state’s overall total to a 7% decline compared to a year ago.
According to McGraw-Hill Construction, publisher of ENR, new residential construction contracts totaled $272 million for January, a 13% gain over the same period of a year ago. The nonbuilding category, which includes infrastructure contracts, improved by 33% to total roughly $176.9 million, up from last January’s $132.7 million.
The gains in these two categories couldn’t overcome a 31% decline in the state’s largest construction sector, nonresidential, which totaled $289.1 million for the month.
Overall, Georgia’s January contracts totaled $737.9 million, or 7% behind last January’s pace.