South Carolina Contracts Flat in March
The value of new South Carolina construction contracts was estimated at $738.6 million in March, a total that was on par with the same period a year ago, according to McGraw-Hill Construction, publisher of ENR Southeast.
McGraw-Hill estimated the value of new nonbuilding contracts, including infrastructure and civil projects, at about $93.2 million, or 44% below last March’s total. New residential contracts were estimated at $283.4 million, or 29% lower than last year. Nonresidential contracts moved up significantly, however, with the latest monthly total of $362.1 million more than doubling that of a year ago.
For the year-to-date, McGraw-Hill Construction estimates South Carolina contracts at more than $1.8 billion, or 7% behind last year’s early pace. The nonbuilding category is the furthest behind so far, with its total of $365.1 million representing a 38% decline. Residential contracts are 22% behind 2010’s pace, with nearly $703.6 million in new projects. The nonresidential category is 59% ahead of 2010, however, with about $754.8 million in new contracts so far this year.