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.