A surging nonbuilding sector and double-digit percentage gains in the residential and nonresidential markets produced a 58% spike in the overall value of new South Carolina contracts signed in February for future construction, reported McGraw-Hill Construction.
During February, the value of new nonbuilding contracts more than doubled compared to a year ago to tally $247.9 million. Residential jumped, too, with new starts increasing 48% to total $285.3 million. Nonresidential contracts rose 18% to total $182.5 million.
For the year-to-date, only the nonresidential market is negative. It’s down 10% compared to 2009’s early pace, with about $293.1 million in new contracts. Residential starts are 45% ahead of last year, with a nearly $505.9-million tally. Nonbuilding contracts are more than double last year’s volume through the first two months of the year, with approximately $412.3 million in new starts so far.