Value of Georgia’s June Contracts Slides 50%
The negative drumbeat continues for contractors working in Georgia, as June again posted a severe decline in the value of new projects moving forward. McGraw-Hill Construction, publisher of Southeast Construction, reported that the overall value of new Georgia contracts signed in June for future construction fell 50% compared to the same period of a year ago. The total value of new contracts for the month was roughly $900 million, compared to last June’s $1.8-billion total.
The residential category fell 55% compared to last year, for a total of $284.5 million. The nonresidential category dropped 42% to total $443.2 million, down from last June’s $765.8 million. The nonbuilding sector, which includes infrastructure projects, declined 56% to total nearly $172.2 million.
For the year to date, Georgia activity is now 51% behind the first six months of 2008, with approximately $4.9 billion in new contracts so far, compared to the nearly $10 billion at the same time last year. The nonresidential sector is 46% behind the 2008 pace, with a total of $2.5 billion. Residential is 61% behind last year’s pace, with $1.5 billion in new contracts. The nonbuilding market is 40% behind last year, with a $945.3-million total.