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September Contracts: N.C. is Flat; S.C. Declines 18%
The value of new contracts signed in September for future construction activity was flat compared to the same period of a year ago in North Carolina, while the value of new South Carolina contracts fell by 27%, McGraw-Hill Construction reported.
In North Carolina, the value of new starts totaled nearly $1.9 billion for the month—nearly identical to last September’s volume. The residential sector was again the lone declining sector, falling by 13% for the month for a roughly $1.1 billion total. The value of new nonresidential contracts increased by 11% over last September for a total of about $498.8 million. The value of nonbuilding starts nearly doubled compared to last September, improving by 95% to total nearly $228.9 million.
Through the first nine months of the year, North Carolina contract activity is just 4% behind 2006’s pace, with a total of nearly $19 billion in new starts so far. With its September increase, the nonresidential category, at about $5.1 billion, is now about 7% ahead of ‘06, while the residential market is now 10% behind last year’s pace with a $12 billion total. With its big September included, the nonbuilding sector is now 20% ahead of last year’s pace, with roughly $2 billion in new project starts so far.
Meanwhile, after stellar improvement in August, the value of new South Carolina contracts fell back down to earth in September, tumbling 27% compared to a year ago for a $677 million total. The nonresidential sector continued to show strength, with a 33% improvement over last September for a $219 million total. Residential fell a hefty 37%, however, registering about $398 million in new project starts. The value of nonbuilding starts also fell significantly, declining 53% to tally just $60.1 million for the month.
Despite this month’s negative numbers, South Carolina is still considerably ahead of 2006 on a year-to-date basis. The value of new project starts in South Carolina is still 18% ahead of last year, with new contracts totaling nearly $11.9 billion so far. The only negative sector is residential, which at about $5.2 billion through the first nine months of ’07 is roughly 23% behind the 2006 pace. Nonresidential, at about $5.6 billion, is more than double last year’s pace. And the nonbuilding sector, at about $1 billion, is 4% ahead.
Work Starts on Adidas Distribution Center
According to McGraw-Hill Construction, H & M Construction Co. of Jackson, Tenn., has started construction of a distribution complex for Adidas in Spartanburg, S.C. The project has an estimated value of about $99 million.
The three-building, 1.9 million-sq-ft complex will include a customer service center, two 45-ft-tall distribution warehouses and an 877-space parking area.
McGraw-Hill Construction’s Network reports the contractor started construction in August, with completion scheduled for the latter half of 2009. Adidas Inc. of Spartanburg, S.C., is the owner. Alliance Consulting Engineers of Columbia, S.C., is the project engineer.
Balfour Beatty to Start New Science Center at UNC
McGraw-Hill Construction’s Network is reporting that Balfour Beatty Construction in Durham, N.C., was preparing to start construction in November on a $65 million Physical Science Building at the University of North Carolina in Chapel Hill, N.C.
The architect for the six-building, 166,000-sq-ft project is William Wilson Architects of Boston.
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