Georgia's Nonresidential Market Wakes Up in July
Georgia’s nonresidential construction market experienced some of its best news of the year in July, as the volume of new building contracts improved 68% for the month, generating roughly $589.2 million in new contracts, according to McGraw-Hill Construction.
State contractors had more to cheer in the nonbuilding construction category, too, as infrastructure contracts surged 56% to a $243.9-million tally for the month. The pace of new residential construction contracts paused in July, however, with the latest tally of $311 million representing an 18% drop compared to the same period of a year ago.
For the month, McGraw-Hill Construction estimated Georgia construction contracts totaled just over $1.1 billion, or 29% better than July 2011.
The big July jump in nonresidential contracts wasn’t enough to bring the category into positive territory for the year, however. Through July, McGraw-Hill Construction estimates Georgia’s nonresidential category is 9% behind last year’s pace, with just over $2.8 billion in new contracts having moved forward.
Through July, the residential category has generated more than $2.6 billion in new work, or 18% ahead of 2011’s pace.
The nonbuilding category, which includes infrastructure work, is estimated at more than $9.5 billion—well ahead of the $925.2 million that McGraw-Hill estimated for the first seven months of 2011. The majority of that total is due to the company’s reporting of the start of construction at Georgia Power’s multi-billion-dollar Plant Vogtle nuclear power project.
Overall, McGraw-Hill’s year-to-date estimate for new Georgia contracts stands at approximately $15 billion, or more than double the $6.3 billion reported at the same time a year ago.