In North Carolina, Residential the Only Bright Spot for January
The residential construction category was the only sector in North Carolina to record positive gains in January, compared to a year ago, according to recent data from McGraw-Hill Construction.
The company estimated that the state’s housing sector recorded more than $439.9 million in new construction contracts during the month, for a 12% gain over the same period of a year ago.
The news wasn’t good for the other two construction sectors, however. North Carolina’s nonresidential market fell an estimated 59% compared to last January, for a total of $191.4 million in new contracts. The nonbuilding sector, which includes infrastructure contracts, fell 26% and delivered nearly $120.7 million in new projects.
Overall, North Carolina’s January contracts totaled just over $752 million, or 27% behind the same period of a year ago.