May was another terrible month for new contracts in the state of Georgia, according to the latest information from McGraw-Hill Construction, publisher of Southeast Construction. The company reported that the overall value of new Georgia contracts signed in May for future construction fell 56% compared to the same period of a year ago. That was on par with the previous month, when new contracts slid 57%. The total value of new contracts for the month was $842.5 million, compared to last May’s total of more than $1.9 billion.
All three markets measured by McGraw-Hill Construction again showed steep declines. The residential category once again fell the most, dropping 66% compared to last year, for a total of about $274.1 million. That compares to last year’s total of nearly $807.3 million for residential.