Georgia, Carolinas Contracts: Little Good News from April
Georgia, North Carolina and South Carolina all experienced significant declines in the volume of new contract activity during April, according to the latest information from McGraw-Hill Construction, publisher of Southeast Construction.
The overall value of new Georgia contracts signed in April for future construction fell 57% compared to the same period of a year ago. The total value of new contracts for the month was nearly $690.7 million, compared to last April’s $1.6 billion.
During the month, all three markets showed significant declines. The residential category fell the most, dropping 62% for a total of about $259.6 million. That compares to last year’s total of $684.9 million. The nonresidential category dropped 57% to total $329.1 million for the month. Meanwhile, Georgia's nonbuilding sector, which includes infrastructure projects, declined 30% to total nearly $102 million.
For the year to date, Georgia activity is now 49% behind the first four months of 2008, with approximately $3.1 billion in new contracts so far, compared to the nearly $6.2 billion at the same time last year.
In North Carolina, meanwhile, contract activity declined 27% in April, for an overall total of roughly $1.3 billion, down from last April’s $1.8 billion.
Despite that downturn, there was some positive news. The nonresidential sector improved by 12% in April, compared to last April, for a $742.8-million total. The other two markets dropped, however.
The residential sector fell to less than half of last April’s total. The most recent figure of $437.9 million for this sector was 56% behind last April’s total, which had been $986.2 million. The nonbuilding sector fell by just 6%, and totaled $147.2 million for the month.
For the year-to-date, North Carolina’s overall contract activity is 51% behind 2008’s pace.
In South Carolina, April contracts fell by an overall rate of 41%. The state’s total was $459.7 million, down from the year-ago tally of $776.4 million.
The residential sector continued its slide, falling 46% in April for a $329.1-million monthly total. The nonresidential sector fell by 10% to tally $102.3 million for the month. The value of contracts in the nonbuilding sector fell by 43% compared to a year ago and totaled $28.3 million.
For the year-to-date, South Carolina’s overall contract activity is 56% behind last year’s pace, with approximately $1.7 billion in new contracts for the first four months of the year.