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Georgia Contracts: 39% Drop in October
The overall value of new Georgia contracts signed in October for future construction fell 39%, compared to the same period of a year ago, according to McGraw-Hill Construction, publisher of Southeast Construction. The total value of new contracts was nearly $1.1 billion, compared to last October’s $1.8 billion.
In October, all three of McGraw-Hill Construction’s broad categories showed double-digit percentage decreases. Of the three, the value of residential contracts fell the most, 52%, compared to last October, to total roughly $376.2 million. The nonresidential market dropped 32% compared to a year ago, and totaled about $521.2 million for the month. The nonbuilding segment – which includes infrastructure projects – declined 16% for a $193 million total.
For the year-to-date, the value of new Georgia contracts is now 33% behind 2007’s pace, with roughly $15.3 billion in new project starts. The residential market is 49% behind ’07 so far, with roughly $5.5 billion in new contracts. The nonresidential market is 14% behind last year, with nearly $6.9 billion in new project starts. The nonbuilding sector is now 28% behind ’07, with about $2.9 billion in new starts.
Choate Named GC for UGA’s Greek Park
Choate Construction Co. of Atlanta is beginning groundwork and construction of the first phase of the University of Georgia’s new Greek Park that will consist of four new fraternity houses. Completion of the Greek Park is slated for late June.
The Greek Park project is new to the UGA campus and will require a new infrastructure. Choate will also oversee this work, which consists of storm drainage, utilities, exterior walks and asphalt parking lots to service the new fraternity houses.
Three of the four fraternity houses will have 20 beds each, while the other will have 16 beds. All houses will have large common areas to accommodate meetings and functions.
The fraternity houses will feature traditional southern Neoclassical and Antebellum-style architecture with all brick façade, loggia rooms and large-columned traditional porches.
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