The overall value of new Georgia contracts signed in July for future construction declined 41% compared to the same period of a year ago, according to McGraw-Hill Construction, publisher of Southeast Construction. The total value of new contracts for the month was roughly $1 billion, compared to last July�s $1.8-billion total.
The residential category fell 29% compared to last year, for a total of $326 million. The nonbuilding sector, which includes infrastructure projects, declined 78% during the month to total nearly $170.9 million. The nonresidential category was flat compared to last July, for a total of $546.3 million.
For the year to date, Georgia activity is now 49% behind the first seven months of 2008, with approximately $6 billion in new contracts so far. That compares to the approximately $11.6 billion at the same time last year. The nonresidential sector is 41% behind the 2008 pace, with a total of roughly $3 billion. Residential is 56% behind last year’s pace, with $1.8 billion in new contracts. The nonbuilding market is 53% behind last year, with a $1.1-billion total.