The overall value of new Georgia construction contracts dropped by 1% in October, for a total of roughly $921.9 million, according to McGraw-Hill Construction, publisher of Southeast Construction.
The month’s residential contracts were estimated at $314 million, or 22% ahead of the same period of a year ago. The other two markets fell, however. The nonresidential category declined 2%, for a total of $352.8 million. Nonbuilding contracts, which include infrastructure and civil work, dropped 17% to tally $255.1 million.
For the year to date, Georgia contracts are estimated at $9 billion, or 8% down compared to the first 10 months of 2009, when they tallied more than $9.7 billion.
Through October, nonbuilding contracts have fallen 19% compared to 2009, for a total of $2 billion. Nonresidential construction has decreased 13% for the year to date, with about $4 billion in new contracts moving forward. Residential contracts are up 11% over 2009’s pace, with nearly $3 billion in new projects.