All three construction categories saw significantly reduced activity in Georgia during September, according to McGraw-Hill Construction, publisher of Southeast Construction. According to the company, the value of new September contracts signed for future construction declined by 58% compared to the same period of a year ago. The total value of new contracts signed during the month equaled nearly $687.4 million, down from the $1.6 billion of last September.
Nonresidential declined the most, dropping 69% compared to a year ago. The category totaled $281.5 million, compared to last September’s $920.1 million.
The residential sector fell by 43% compared to last September, registering almost $256 million in new contracts during the month. The nonbuilding sector, which includes infrastructure work, totaled $149.9 million for the month, or 44% below last September’s tally.
For the year to date, the value of Georgia’s new contracts is approximately 47% behind the first nine months of 2008, with roughly $7.8 billion in new contracts so far. That compares to the nearly $14.6 billion recorded through the first nine months of 2008.
Residential is 52% behind for the year, with a nearly $2.4-billion total to date. The nonbuilding market is now 45% behind 2008’s pace, with a roughly $1.6-billion total. The nonresidential sector is 44% below last year, with a $3.8-billion total.