Georgia's Ups and Downs Add Up to a Flat May
Residential contracts surged in May, but Georgia’s other sectors fell significantly, resulting in a flat overall monthly total for new construction contracts, according to McGraw-Hill Construction.
Residential contracts totaled $390.7 million for the month, or 26% better than last May, according to McGraw-Hill. The nonresidential sector fell 14%, however, for a $426.5-million total. The nonbuilding category totaled $105.8 million, or 11% lower than a year ago.
Overall, Georgia’s May contracts tallied just over $923 million, down slightly from the $925 million recorded for May 2011.
For the year to date, the state’s nonresidential sector is 18% behind the same period of a year ago, with roughly $1.6 billion in new contracts to date. Residential projects have increased 28%, with nearly $1.9 billion in new contracts moving ahead so far.
The nonbuilding sector stands at $9.1 billion through May, the vast majority of which is the product of the start of construction of Plants 3 and 4 at Georgia Power’s Vogtle nuclear power plant project.
Georgia’s 2012 tally of new contracts is now $12.6 billion. That compares to the $4.1 billion recorded through May 2011.