Georgia Contracts: Down 13% in June; Off 5% YTD
The value of new construction contracts in the state of Georgia fell by 13% overall in June, according to McGraw-Hill Construction, publisher of Southeast Construction. During the month, the state of Georgia experienced roughly $795.6 million in new contracts for future construction activity, down from last June’s $917.7-million tally.
The nonresidential market fell by 35% during June to tally approximately $302.2 million for the month.That compared to the $464.9 million recorded a year ago.
The value of new residential projects climbed by 17%, however, for a monthly total of nearly $320.4 million. That compares to last June’s $274.1 million figure.
The nonbuilding category, which includes roads, bridges, sewer and water and other civil projects, also was negative for the month, but by just 3%. According to McGraw-Hill Construction, the value of new nonbuilding contracts in Georgia fell 3% compared to last June, for a $173-million total. That compares to the year-ago figure of $178.6 million.
On a year-to-date basis, the value of Georgia’s 2010 contracts is down by 5% compared to 2009.
Through the first six months of the year, Georgia’s total for all new projects is $5.4 billion, compared to the $5.7 billion of a year ago.
The nonresidential market has declined by the greatest percentage figure on a year-to-date basis. According to McGraw-Hill, this sector is 17% behind last year’s pace, with nearly $2.3 billion in new contracts, compared to last year’s $2.8 billion.
The nonbuilding category is also negative on a year-to-date basis, with a 10% decline for the first six months of 2010. That equates to roughly $1.3 billion in new starts, down from the nearly $1.5-billion pace of a year ago.
The residential market is outpacing last year’s activity by 24%, however. According to McGraw-Hill Construction, this market has experienced a total of more than $1.8 billion in new contracts for the first six months of the year. That compares to 2009’s pace of nearly $1.5 billion.