Southeast Retail Project Starts to Decline Again in 2010

The value of 2010’s retail construction starts in the four-state region of Florida, Georgia and the Carolinas is projected to come in just slightly below earlier estimates, according to McGraw-Hill Construction, publisher of Southeast Construction.

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Unfortunately for area contractors, those estimates were already negative. McGraw-Hill Construction’s latest figures indicate the region’s retail sector should generate about $2.2 billion in new projects during 2010, down slightly from the estimated $2.3 billion experienced during 2009. For additional perspective, that forecast for 2010 would be the lowest total for Southeast-area retail construction projects in more than 15 years.

State by state, McGraw-Hill Construction indicates there will be some ups and downs. For example, Florida should see roughly $978.1 million in new retail project starts, which would be down from last year’s $1 billion total. South Carolina contractors, too, should experience fewer retail project opportunities, with that state’s total for stores and restaurants estimated at $243.9 million, down from 2009’s $293.6 million total.

On the other hand, Georgia’s retail sector will edge up slightly. McGraw-Hill Construction estimates Georgia will see $561.2 million in new retail projects move forward, up from last year’s $552.6 million. North Carolina will see marginal improvement, too. The Tar Heel State’s retail sector is expected to deliver $436.8 million in new retail projects, up from 2009’s $423.8-million estimate.