Decline continues in future construction



Published:

The decline continued in November in the number of contracts for future residential and nonresidential construction in New Hampshire. Future nonbuilding construction contracts nearly doubled for the month, however. According to McGraw Hill Construction of Lexington, Mass., contracts for future residential construction in New Hampshire were down 6 percent, to $91 million, in November 2006, compared to nearly $96.8 million in November 2005. The November 2006 decline follows a decline of 9 percent, to nearly $106.6 million, in October 2006. Contracts for future nonresidential construction fell by 38 percent, from nearly $73.7 million in November 2005 to $46 million in November 2006. The November 2006 decline follows a decline of 55 percent to $33 million in October 2006. Contracts for future nonbuilding construction, - including such projects as streets, highways and bridges - more than doubled from $12.3 million in November 2005 to $25 million in November 2006. November 2006 marked the third consecutive month of increases over 2005 numbers for nonbuilding construction contracts. Despite the strong showing of nonbuilding construction contracts, November’s overall numbers indicate an 11 percent decline in combined future construction contracts in New Hampshire, from nearly $183 million in November 2005 to $162 million in November 2006. Year-to-date cumulative totals indicate a 17 percent decline in future construction contracts for the months up to November 2006. Numbers fell from nearly $2.6 billion in November 2005 to $2.1 billion in November 2006. Year-to-date residential contracts saw the greatest decline -- 25 percent - through November 2006 to just over $1 billion from $1.35 billion through November 2005. Year-to-date, future contracts for nonresidential construction are down by 16 percent, from $864.5 million year-to-date 2005 to nearly $725 million for year-to-date 2006. Nonbuilding construction, however, has seen a 10 percent increase, from $356.4 million in November 2005 to $392.35 million in November 2006. - TRACIE STONE

 

NHBR Poll