commentThe pace of new nonresidential and residential construction starts in Georgia accelerated in May, with both sectors experiencing 10% increases, according to McGraw-Hill Construction, publisher of ENR Southeast. However, a major slide in the nonbuilding sector caused Georgia’s overall monthly total for new contracts to drop 3%, for a $913.1 million total.
The residential sector’s 10% gain resulted in an estimated $295.4 million total for the month. Nonresidential contracts totaled slightly more than $496.7 million. The nonbuilding sector, which includes infrastructure contracts, fell 46% compared to the same period of a year ago, registering $121 million in new work.
For the year to date, McGraw-Hill Construction estimates that roughly $4 billion in new construction contracts have started, or 20% behind the same pace of a year ago.
Through May, nonbuilding remains the biggest drag on the state’s overall total. Its 48% year-to-date decline equates to nearly $617.4 million in new contracts. Nonresidential is 16% behind the pace of a year ago, with an estimated $1.9 billion in new starts. Residential is just 4% behind last year’s pace, with nearly $1.5 billion in new starts.
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