The value of new construction contracts in the state of Georgia sank by 46% overall in August, according to McGraw-Hill Construction, publisher of Southeast Construction. During the month, the state of Georgia experienced roughly $671 million in new contracts for future construction activity, well down from last August’s $1.2-billion tally.

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The nonbuilding market’s pace of new contracts dove by 61% compared to a year ago, registering $152.3 million in new projects, down from the $391.9 million of a year ago. The value of new nonresidential contracts fell by a similar pace, dropping 55% to total $239.3 million for August, compared to the year-ago figure of $527.5 million.

Residential contracts fell 11% in August for a $279.4-million total, down from the $313-million recorded a year ago.

On a year-to-date basis, the value of Georgia’s 2010 contracts is down by 13% compared to 2009’s pace. Through the first eight months of the year, Georgia’s total for all new projects is slightly more than $6.9 billion, compared to the $8 billion of a year ago.

The nonresidential market continues to have declined by the greatest percentage figure on a year-to-date basis. According to McGraw-Hill Construction, this sector is now 24% behind last year’s pace, with nearly $2.9 billion in new contracts, compared to last year’s $3.8 billion. The nonbuilding category is 19% behind 2009’s pace, with $1.6 billion in new contracts to date. That compares to the $2-billion pace of a year ago.

The residential market remains positive on a year-to-date basis. This market has experienced a total of nearly $2.4 billion in new contracts for the first eight months of the year, or 11% ahead of the nearly $2.2 billion estimated at the same time a year ago.