Building Markets Boost South Carolina Contracts in May
Gains in the building sectors pushed South Carolina’s May total for new contracts 28% higher than the same period of a year ago, according to McGraw-Hill Construction. The company estimated the state’s new contracts at $608.3 million, compared to last May’s $476.2-million tally.
The nonresidential category provided the greatest boost as its monthly total of $207.6 million was more than double that of a year ago. Residential contracts were up 18%, for a $356.1-million total.
The nonbuilding category, which includes infrastructure projects, fell 42% in value during May, however, recording just $44.6 million in new work.
For the year-to-date through May, South Carolina’s building markets are decidedly mixed. Nonresidential contracts are estimated at $920.3 million through the first five months of the year, or 20% lower than a year ago. Residential is up 24%, however, with an estimated $1.6 billion of housing contracts having started so far this year.
McGraw-Hill Construction estimates South Carolina’s nonbuilding category at nearly $9 billion for the year, with most of that figure the result of a new nuclear power project.
Overall, South Carolina’s 2012 contracts total is estimated at $11.5 billion.