South Carolina: February Construction Contracts Drop 33%
The overall value of South Carolina construction contracts fell by 33% in February, compared to the same period of a year ago, according to McGraw-Hill Construction, the publisher of ENR Southeast. The monthly total for new contracts was $482.5 million, down from last February’s $720.5 million.
All three construction sectors experienced significant declines. The nonbuilding category, which includes transportation and civil projects, dropped 43% and totaled $142.6 million for the month. Nonresidential contracts declined by 37% and tallied $116.3 million. The largest sector, residential, fell 22% compared to last February for a $223.5-million total.
For the year-to-date, South Carolina’s construction contracts are estimated at nearly $1.1 billion, or 12% behind last year’s early pace. The nonbuilding category is the furthest behind, with its $272.5-million tally representing a 35% decline from 2010. The residential market is down 18% compared to last year, with about $415.9 million in new contracts so far. The nonresidential sector remains significantly ahead of last year’s pace, however. It totals approximately $392.7 million, or 29% higher than the same period of a year ago.