Carolina News

Activity Up by Double Digits in Both North, South Carolina

Also, McGraw-Hill Construction reported that both North and South Carolina experienced double-digit increases in the value of August contract activity.

McGraw-Hill Construction reported that, compared to a year ago, the value of August contracts for future construction activity improved by about 17 percent in North Carolina and roughly 34 percent in South Carolina.

In North Carolina, new August contracts totaled nearly $2.2 billion. The biggest sector, residential, improved by 12 percent compared to last August and tallied roughly $1.5 billion. Meanwhile, the value of nonresidential contracts improved by 5 percent from last year to total approximately $415.8 million. The value of nonbuilding contracts more than doubled compared to last year, to total approximately $237.9 million for the month.

Year-to-date, North Carolina contract activity is now 11 percent ahead of the first eight months of 2004, with a total value of approximately $16 billion. Nonresidential is 4 percent ahead of last year's pace, with roughly $3.3 billion in contracts reported to date. The value of residential contract activity has climbed by about 12 percent to total roughly $10.8 billion. With its strong report for August, the nonbuilding sector is now 16 percent ahead for the year, with approximately $1.8 billion in new contracts reported.

The South Carolina market's 34 percent improvement in August equated to a $1.2 billion total, with all sectors experiencing double-digit growth. Residential contracts increased by 38 percent to total roughly $745.9 million. The nonresidential category jumped by 41 percent for a monthly total of roughly $307.9 million. The nonbuilding sector improved by 14 percent, to tally approximately $177.8 million for the month.

Despite the strong monthly report, year-to-date, the value of new contracts in South Carolina, estimated at nearly $8 billion, is still 4 percent behind last year's pace. Residential, estimated at nearly $5.5 billion and with a 24-percent improvement so far, is the only positive sector for 2005. The nonbuilding category, with a roughly $827.7 million total, is an estimated 52 percent behind the first eight months of 2004, while nonresidential, with a value of almost $1.7 billion, is about 22 percent behind last year's pace.