N.C. Contracts: 36% Drop in June
North Carolina contractors saw continued declines in the state’s nonresidential market in June, leading to a 36% overall drop in the value of new contracts, according to McGraw-Hill Construction, publisher of Southeast Construction. The overall value of new June contracts totaled just over $1 billion, down from $1.6 billion a year ago.
The value of nonresidential contracts fell 66% compared to a year ago for a $266.1-million total. The nonbuilding category—which includes infrastructure projects—declined 33% in June to tally $173.8 million.
The residential sector improved yet again, increasing by 5% for a $564.7-million total.
Despite the bad June, North Carolina’s contract activity through the first half of the year is estimated to be 15% ahead of 2009’s pace, with nearly $7.4 billion in new projects.
On a year-to-date basis, the nonbuilding sector has shown the greatest growth. This category is now 79% ahead of ’09, with more than $1.6 billion in new contracts. Residential starts are 29% ahead of ’09, with more than $3.3 billion in new contracts so far.
Nonresidential remains negative for the year-to-date. This category is 17% down compared to a year ago, with roughly $2.4 billion in new contracts.