The value of new Virginia contracts signed in January for future construction increased by 22% overall, compared to last January, according to McGraw-Hill Construction, publisher of Mid-Atlantic Construction.
Despite the overall improvement, the value of new nonresidential construction starts fell dramatically, by 42%, compared to the same period of a year ago. McGraw-Hill Construction estimated the value of these new contracts at roughly $192.6 million, down from last January’s $347.2 million.
The value of residential contracts increased dramatically, however. This category totaled nearly $290.5 million in new January contracts, or 81% higher than the preceding January’s total of roughly $160.2 million.
The nonbuilding sector, which includes infrastructure contracts, more than doubled compared to the year-ago period. This January, the value of nonbuilding starts came in at nearly $279.4 million, well above the $116.3 million of a year ago.
The total value of Virginia’s new January contracts was nearly $762.5 million. A year ago, that figure had been $623.6 million.