Compared to the same period of a year ago, the value of new contracts signed in November for future construction fell by 32% overall in North 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 $852.5 million, down from last November’s total of nearly $1.3 billion. Nonbuilding contracts declined by the greatest percentage, dropping 67% compared to last November to total nearly $145.3 million. The value of new nonresidential contracts also fell, by 29%, to total $297.8 million. Residential contracts improved by 1% in November to total $409.4 million.
Through November, North Carolina’s overall contract activity is 29% behind 2008’s pace. The nonbuilding sector, with its $2.7-billion total, is roughly 31% behind last year’s pace. Residential is 41% behind for the year, with $5.1 billion in new contracts. Nonresidential is 10% behind ’08, with approximately $5.3 billion in new contracts.