commentGeorgia’s March construction contracts totaled nearly $813.8 million, or 36% lower than a year ago, according to McGraw-Hill Construction, publisher of ENR Southeast.
New nonresidential contracts fell by the greatest percentage, dropping 59%, compared to last March, for a total of nearly $305.7 million. Nonbuilding contracts, which include infrastructure and civil projects, totaled $128.2 million for the month, a decline of 13%. The residential category managed to stay even with the same period of a year ago, with an estimated $379.9 million in new contracts.
For the year-to-date, McGraw-Hill Construction estimates Georgia’s contracts at about $2.2 billion overall, or 30% lower than 2010’s early pace. The nonbuilding sector is the furthest behind, on a percentage basis, with its $372.5-million tally through March equating to a 49% decline. Nonresidential contracts are 35% behind, with about $939.8 million in new work. Residential contracts are estimated at $875.8 million, or 6% behind last year.
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