North Carolina Sees All Sectors Move Up in May
Across-the-board improvement in all three of McGraw-Hill Construction’s main construction categories pushed North Carolina’s contracts total 33% higher than a year ago, according to the company. The jump represented nearly $1.6 billion in new contracts moving forward during the month.
The nonbuilding sector, which includes infrastructure projects, showed the biggest relative gain, recording nearly $325.3 million in new contracts during the month, more than double its $129.9-million tally of a year ago.
The value of nonresidential contracts increased by 32% during the month, registering $641.3 million in new work. Residential contracts moved up 8%, for a $618.2-million tally.
For the year-to-date, McGraw-Hill Construction estimates the value of new North Carolina contracts at nearly $5.9 billion, or 14% ahead of the same period of a year ago.
Through May, the state’s nonbuilding contracts total $1.2 billion, or 29% better than a year ago. Residential contracts are up 20% in value, with about $2.8 billion in new projects so far this year.
Despite the gain for May, the nonresidential category remains 2% negative for the year, with an estimated $1.8 billion in new contracts having started.