Future construction contracts continue decline
A continued decline in contracts for future residential and nonresidential construction in New Hampshire is tracked in the latest report on the state’s construction industry, although future nonbuilding construction contracts improved in September.
According to the report by McGraw Hill Construction of Lexington, Mass., contracts for future residential construction were down 37 percent, to $87.5 million, in September 2006, compared to $138 million in September 2005.
Contracts for future nonresidential construction fell by 14 percent, from $108.4 million in September 2005 to $92.8 million in September 2006.
Contracts for future nonbuilding construction, – including such projects as streets, highways and bridges – increased by 38 percent, from $40 million in September 2005 to $55 million in September 2006.
Together, September’s numbers indicate an 18 percent decline in combined future construction contracts in New Hampshire, from $286.4 million in September 2005 to $235.6 million in September 2006.
The year-to-date cumulative totals indicate a 17 percent decline in future construction contracts for the second consecutive month, falling from $2.2 billion in September 2005 to $1.8 billion in September 2006.
The greatest year-to-date decline came in residential contracts, which fell 26 percent to $843 million, from $1.1 billion.
Year-to-date, future contracts for nonresidential construction are down by 12 percent, from $718 million in 2005 to $634 million.
Nonbuilding construction saw a 2 percent increase from the $330 million in September 2005 to $338 in September 2006. – TRACIE STONE/NEW HAMPSHIRE BUSINESS REVIEW