The overall value of North Carolina’s new construction contracts fell by 10% in February, to $861.6 million, according to McGraw-Hill Construction, the publisher of ENR Southeast.
On a sector-by-sector basis, it was either 20% up or down for the month. The residential and nonbuilding sectors each declined by 20% during the month, for totals of $360.9 million and $211.2 million, respectively. Meanwhile, nonresidential contracts improved by 20%, totaling nearly $289.6 million.
For the year-to-date, North Carolina’s contracts are estimated at $1.75 billion, or 17% behind the pace of a year ago.
The nonresidential market is on par with 2010’s pace, with about $682.2 million in new contracts. The nonbuilding sector is down 30% compared to a year ago, with an estimated $350.8 million in new contracts. The value of residential contracts is 23% behind the same period of a year ago, with a total of roughly $721.5 million.