Value of North Carolina Contracts Drops 37% in October
The value of new North Carolina construction contracts signed in October fell 37% compared to the same period of a year ago, according to McGraw-Hill Construction, the publisher of Southeast Construction.
All three categories declined during the month, with the largest drop in the nonbuilding sector, which declined 78%, for a $161.8-million total. That compares to last October’s total of $746 million.
Residential contracts declined 16% for a $449.6-million total. The value of nonresidential construction contracts was 2% lower, for a $529.1-million total.
For the year to date, North Carolina’s contracts are an estimated 9% lower overall, and valued at $11.3 billion.
For the first 10 months of the year, nonresidential contracts are 23% lower, at $3.9 billion. Nonbuilding contracts are 18% behind 2009’s pace, with a $2.2-billion total. The residential market is 11% ahead of 2009, with nearly $5.2 billion in new projects.