S.C. Contracts: 35% Decline in October; 4% Down YTD
The value of South Carolina’s October contracts fell 35%, compared to the same period in 2009, according to McGraw-Hill Construction, publisher of Southeast Construction.
The nonbuilding category fell the most, declining 77% for a $78.2-million total. The value of residential contracts decreased 8%, for a total of $223.1 million. Nonresidential improved 12% for a $169.4-million total.
The October results brought the state’s year-to-date total to nearly $5.6 billion, or 4% behind 2009’s pace. Nonresidential construction is 25% behind last year, with nearly $1.5 billion in new contracts. Residential work is 4% ahead, at more than $2.7 billion. The nonbuilding category, which includes infrastructure work, was 14% ahead, with more than $1.4 billion in new projects moving forward.