The overall value of new North Carolina contracts tumbled in August, dropping 50% compared to the same period of a year ago, according to McGraw-Hill Construction, publisher of Southeast Construction. August contracts for future construction totaled roughly $872.1 million during the month, down from $1.7 billion a year ago.
Nonresidential contracts declined the most, by 75%, to total $249 million, down from last August’s $994 million. The nonbuilding category—which includes infrastructure projects—fell 55% to tally $96.4 million.
Residential contracts moved ahead by 2% compared to a year ago for a nearly $526.7-million total.
The August downturn brought North Carolina’s cumulative total for the first eight months of the year to nearly $9.3 billion, or 2% lower than 2009’s pace.
Year-to-date, the nonbuilding sector is 25% ahead of ’09’s pace, with nearly $1.9 billion in new contracts. Residential starts are 18% ahead of last year, with almost $4.3 billion in new contracts through August.
Nonresidential is 28% down on a year-to-date basis, however, with roughly $3.1 billion in new contracts.