commentA double-digit percentage decline in the value of new April contracts wasn’t enough to diminish the overall start to 2010 that North Carolina has experienced in the first third of the year.
According to McGraw-Hill Construction, publisher of Southeast Construction, the overall value of new North Carolina construction contracts signed in April for future construction fell by 17%, compared to the same period of a year ago. Even so, North Carolina’s contracts total remains 30% ahead for the year-to-date.
In April, the value of the nonbuilding category—which includes infrastructure projects fueled by federal stimulus funding—dropped by 9% to tally $139.1 million for the month. The biggest decline was in the nonresidential market, however, which fell 42% for a $432.2-million total. The residential sector increased by 30% for a total of $570.2 million.
For the first four months of the year, North Carolina’s contract activity is 30% ahead of 2009’s pace, with $5.2 billion in new projects. The nonbuilding sector’s total of $1.3 billion is more than double that of a year ago. Residential starts are 40% ahead of ’09, with more than $2.2 billion in new contracts. The value of nonresidential projects is off by 10%, however, with $1.7 billion in new contracts through the first four months of the year.
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