S.C. Contracts: 20% Up at 2010’s Midpoint
The value of June’s South Carolina contracts was flat compared to a year ago, according to McGraw-Hill Construction. The overall value of new contracts signed for future construction was $733.8 million, compared to last June’s $731 million.
Nonbuilding construction was the only positive category for the month. It soared by 75% over last June’s pace to total $232.5 million. Nonresidential was down again, though, this time by 30% to tally $194.8 million. The residential category fell 4% to total $306.5 million.
For the year-to-date, South Carolina’s new contracts total roughly $3.7 billion, up from the nearly $3.1 billion of a year ago. The nonresidential market remains the only negative. It’s down 20% compared to 2009’s midyear pace, with about $883.6 million in new contracts. Residential starts are 20% ahead of last year, with $1.8 billion in new projects moving ahead. Nonbuilding contracts continue to move ahead at more than twice last year’s pace. At midyear, this category totals $1 billion, compared to last year’s $461.7 million.