Residential building sets pace for pending construction in November
But nonresidential, infrastructure projects remain sluggish
Residential building remains the strongest sector in New Hampshire’s construction industry, judging by yet another very healthy increase in the number of contracts for pending construction.
According to data released by industry information service McGraw Hill Construction, there was a nearly 200 percent increase in the value of future residential contracts in November 2013 – a jump to $86.8 million from the $30.1 million in contracts reported a year earlier.
Through November 2013, residential contracts totaled $442.3 million, up a healthy 60 percent from the same period a year earlier.
While not as strong an increase, there was a 13 percent rise in the dollar value of contracts for nonbuilding projects – roads, bridges and other infrastructure – from $40.8 million November 2012 to $46.1 million in November 2013.
But through November, the nonbuilding sector remained extremely weak, with $310.5 million in contracts reported – 49 percent less than $611.4 million recorded through the same period a year earlier.
Another disappointing sector is nonresidential construction, where contracts totaled $22.4 million in November 2013, down 18 percent from the $27.4 recorded a year earlier.
Through November, nonresidential contracts totaled $442.2 million, just 1 percent more than the $436.5 million recorded through the 2012 period.