South Carolina: 2% Decline in New Contracts in November
The value of new South Carolina contracts signed in November for future construction fell by just 2%, compared to the same period of a year ago, for a monthly total of about $521.9 million.
The nonresidential sector declined the most, dropping by 17% to tally $155.3 million. The residential sector also fell, by 4%, for a total of roughly $224.8 million. The nonbuilding sector surged by 25%, however, to total $141.9 million.
Through November, South Carolina’s overall contract activity is 37% behind last year’s pace, with about $6.1 billion in new contracts. The nonresidential category is the furthest behind, with its $2-billion total approximately 41% behind 2008’s pace. The residential sector is 36% behind 2008, with a $2.8-billion total. Despite the surge, the nonbuilding category remains 35% behind last year’s pace, with a nearly $1.3-billion tally.