Mild Declines in September Contract Values for N.C., S.C.
Compared to the same period of a year ago, the value of new contracts signed in September for future construction fell by 8% overall in North Carolina, and 6% 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 nearly $1.2 billion, down from last September’s total of nearly $1.3 billion. A surge in the nonbuilding category somewhat offset major declines in the other construction sectors. Nonbuilding contracts totaled $423.6 million for the month, 59% ahead of the same period of a year ago. Nonresidential contracts fell 31%, however, to total $269.9 million. The residential sector fell 23% in September to total $489.1 million.
For the year-to-date, North Carolina’s overall contract activity is 34% behind 2008’s pace. The nonbuilding sector, with its $1.9-billion total, is an estimated 39% behind last year’s pace. Residential is 45% behind for the year, with nearly $4.2 billion in new contracts. Nonresidential is 12% behind ’08, with approximately $4.3 billion in new contracts so far.
In South Carolina, September’s 6% decline resulted in a monthly total of about $749 million.
The residential sector fell 16% in September, for a total of roughly $269.3 million. The nonresidential sector declined 12% to tally $313.1 million. The nonbuilding sector surged again, however. Its September total of $166.7 million was 35% ahead of last September.
For the year-to-date, South Carolina’s overall contract activity is 42% behind last year’s pace, with nearly $5.1 billion in new contracts. The nonresidential category is 40% behind 2008, with roughly $1.8 billion in new contracts. The residential sector is 41% behind ‘08’s pace, with a $2.3-billion total. Nonbuilding is down 48% compared to 2008, with a $903.7-million tally.