Housing, Infrastructure Push Georgia Contracts Higher in August
Significant increases in both the residential and nonbuilding categories pushed Georgia’s August total for new construction contracts to an 8% gain compared to the same period of a year ago, says McGraw-Hill Construction. The overall monthly gain resulted in nearly $922.8 million in new contracts.
The nonbuilding category, which includes infrastructure contracts, saw the greatest improvement, 48%, to tally nearly $202.6 million. Residential contracts also surged, with this category’s August total of $419.7 million representing a 33% increase.
The nonresidential sector continued to struggle, however, falling 26% compared to last August for a $300.5-million tally. This category remains the only negative sector on a year-to-date basis, according to McGraw-Hill. The company estimates the value of Georgia’s 2012 nonresidential contracts at nearly $3.3 billion, or 7% lower than a year ago.
Through August, residential contracts total nearly $3.1 billion, or 20% better than 2011’s pace.
Also, thanks to McGraw-Hill’s reporting of the Plant Vogtle nuclear project earlier this year—which it estimated at more than $8 billion—Georgia’s nonbuilding category now tops $9.7 billion, well ahead of the $1.1 billion reported through August of 2011.
Overall, Georgia’s 2012 contracts stand at approximately $16.1 billion through August, or more than double the $7.1 billion reported at the same time a year ago.