Value of South Carolina Contracts Dives in January
As was the case with its neighbor to the north, South Carolina’s contract activity was notably negative in January, with only the residential sector providing positive gains, according to the latest information from McGraw-Hill Construction.
On the positive side, the state’s residential construction category recorded nearly $248.6 million in new contracts during the month, for a 21% overall improvement compared to a year ago.
But that wasn’t nearly enough to overcome sharp declines in the other two sectors.
South Carolina’s nonresidential category recorded just $68.8 million in new contracts, or 76% behind the volume recorded in January of a year ago, according to the company. Also, the nonbuilding category, which includes infrastructure projects, recorded just $55 million in new work, a 60% decline compared to a year ago.
Overall, the state’s January construction contract total of nearly $372.4 million represented a 40% decline compared to last year.