Value of Georgia’s New Contracts Fell 24% in November
The value of Georgia’s new nonresidential construction starts fell dramatically in November to cause a 27% overall downturn in activity for the month, according to McGraw-Hill Construction, publisher of Southeast Construction. According to the company, the value of new November contracts signed for future construction equaled nearly $702.7 million, down from the $962.4 million of last November.
Nonresidential fell 62% compared to a year ago, for a total of $219.1 million for the month, down from $581.2 million.
The other two construction categories scored double-digit gains, however. The residential sector improved by 10%, compared to last November, to register nearly $225.1 million in new contracts during the month. The nonbuilding sector, which includes infrastructure work, totaled $258.5 million, for a 47% increase over the year-ago period.
Through November, the value of Georgia’s new contracts is now approximately 41% behind the first 11 months of 2008, with roughly $9.9 billion in new contracts. That compares to the roughly $16.6 billion recorded through the same period of 2008.
Residential is 48% behind for the year, with approximately $2.8 billion in new contracts. The nonbuilding market is 19% behind 2008’s pace, with a roughly $2.6-billion total. The nonresidential sector is 44% below last year, with a $4.4-billion total through November.