Steep declines in the value of new nonresidential and infrastructure construction projects caused the overall value of new Georgia contracts to drop 67% in October, according to McGraw-Hill Construction. The company estimated Georgia construction contracts totaled roughly $865.3 million for the month.
Nonresidential contracts tallied approximately $365.7 million during October, or 50% lower than the same period of a year ago. The nonbuilding category—which includes infrastructure and energy projects—added just $98.4 million in new contracts during the month, a 94% decline compared to the previous October.
On a year-to-date basis, McGraw-Hill estimates Georgia’s overall contracts total at nearly $18 billion, or 68% higher than 2011’s pace.
That overall increase is due mostly to McGraw-Hill’s reporting of contracts at Southern Company’s Plant Vogtle nuclear power plant project during 2012. The Vogtle project has likewise boosted Georgia’s nonbuilding category, which stands at more than $9.9 billion through October.
The residential category is also positive on a year-to-date basis, with its 2012 total estimated at nearly $3.9 billion in new contracts, or 24% better than 2011’s pace. The nonresidential category is estimated at $4.1 billion through October, or 13% behind the same period for 2011.
Click here to read about the Southeast construction industry's prospects for 2013.