commentThe value of new South Carolina contracts fell 12% in August, compared to a year ago, according to McGraw-Hill Construction. The overall value of new contracts signed for future construction was $461.9 million, compared to last August’s $523.5 million.
All three construction sectors fell during the month. Nonbuilding declined the most, dropping 25% to total $85.7 million. The value of residential contracts decreased 8% to total $259.6 million. Nonresidential experienced a 7% decline, for a $116.7-million total.
Even so, on a year-to-date basis, the nonresidential market remains the only negative sector for South Carolina. This category is down by 17% compared to 2009’s pace, with about $1.2 billion in new contracts. Residential starts are 10% ahead of last year, with nearly $2.3 billion in new contracts.
The value of nonbuilding contracts is nearly $1.3 billion through August, or 74% ahead of the same period of a year ago.
In all, through August, new South Carolina contracts total slightly more than $4.8 billion, or 12% ahead of last year.
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