South Carolina Construction Contracts Decline 3% in July
The volume of South Carolina’s nonresidential construction contracts fell 10% in July, while residential and infrastructure projects edged downward slightly. The end result was an estimated $539.2 million in new contracts during the month, for a 3% overall decline, says McGraw-Hill Construction.
For July, the state’s new nonresidential contracts tallied roughly $138.9 million, or 10% lower than the previous July. Residential contracts totaled $319.2 million, and nonbuilding projects came in at $81.1 million. McGraw-Hill estimated both of these categories were 1% down compared to a year ago.
For the year-to-date, the company estimates South Carolina’s overall total for new construction contracts at $12.6 billion, or about $8.3 billion higher than the $4.3 billion the state recorded through the first seven months of 2011. However, of this year’s total, an estimated $8.5 billion is attributed to the start of a new nuclear plant project in Jenkinsville, which McGraw-Hill reported with April’s figures.
As a result of that nuclear project, South Carolina’s nonbuilding category, which includes infrastructure projects, stands at nearly $9.1 billion through July.
Meanwhile, the nonresidential category tallies $1.2 billion through July, or 29% behind 2011’s pace. McGraw-Hill estimates new residential contracts at just over $2.3 billion, or 19% higher than a year ago.