Decline continues in future N.H. construction
A decline in contracts for future residential and nonresidential construction in New Hampshire continued in October, according to a report from McGraw Hill Construction.
The Massachusetts-based publishing firm said, however, that future nonbuilding construction contracts improved for the second consecutive month.
Contracts for future residential construction fell 9 percent, to $106.65 million, in October 2006, compared to $117 million in October 2005.
Contracts for future nonresidential construction fell by 55 percent, from nearly $73 million in October 2005 to $33 million in October 2006.
Contracts for future nonbuilding construction — including such projects as streets, highways and bridges – increased by 79 percent, from $13.2 million in October 2005 to nearly $24 million in October 2006.
Together, October’s numbers indicate a 19 percent decline in combined future construction contracts for the state of New Hampshire, from $203 million in October 2005 to $163.4 million in October 2006.
Year-to-date cumulative totals indicate a 16 percent decline in future construction contracts for the month of October 2006. Numbers fell from $2.4 billion in October 2005 to $2 billion in October 2006.
Year-to-date residential contracts saw the greatest decline, falling 24 percent in October 2006 to $947 million, from $1.25 billion by October 2005.
Year-to-date, future contracts for nonresidential construction were down by 12 percent from $791 million year-to-date 2005 to $692 million for year-to-date 2006.
Nonbuilding construction saw a 4 percent increase from $344 million in October 2005 to $357 million in October 2006. – TRACIE STONE