Compared to the same period of a year ago, the value of new contracts signed in August for future construction increased by 5% overall in North Carolina, but fell by 18% in South Carolina, according to the latest information from McGraw-Hill Construction, publisher of Southeast Construction.
In North Carolina, the overall total for new project starts was roughly $1.7 billion, up from last August’s total of nearly $1.6 billion. The overall monthly improvement was due to a surge in the nonresidential category, which jumped 88% compared to a year ago to tally $936.3 million. The residential sector dropped 37%, however, to total $503.8 million for the month. The nonbuilding sector – which includes infrastructure projects – fell 22% in August to total $215.5 million.