Future construction numbers remain sluggish in May

Future construction contracts in New Hampshire totaled $160.5 million in May, an increase from the previous month, but a decrease from the same month last year.May’s total was a 54 percent increase from the $106.8 million recorded in April 2012, but a 6 percent decrease from the $170.9 million recorded in May 2011, according to McGraw-Hill Construction, an industry information service that releases the figures each month.Through May 2012, the total value of future construction contracts is down about $27 million from where it was at the same time last year.In the first five months of 2012, future construction contracts in the state totaled $657.2 million, down 4 percent from the $684.4 million recorded in the first five months of 2011.In New Hampshire in May, two construction sectors saw a year-over-year decrease in value of contracts.Future nonresidential construction contracts totaled $56.9 million in May, down 35 percent from $87.1 million in May 2011. Also dropping were future residential contracts, which totaled $46 million in May, down 4 percent from $48.1 million in May 2011.The only sector that saw a year-over-year gain in May was nonbuilding construction — roads, bridges, and similar projects — which increased 62 percent from $35.7 million in May 2011 to $57.6 million in May 2012.The total value of residential and nonresidential contracts was also down on a year-to-date basis.Future nonresidential construction contracts totaled $170.8 million in the state through May 2012, a 55 percent drop from the $380.7 million recorded through the end of May 2011.And future residential construction saw a year-over-year drop, though the decline was not as significant. It fell 7 percent from $166.5 million through the first five months of 2011 to $155.2 million through the same period of 2012.Year to date, only nonbuilding construction is faring better than last year.Through May 2012, future nonbuilding construction contracts totaled $331.1 million, up a whopping 141 percent from the $137.2 million recorded through May 2011. – KATHLEEN CALLAHAN/NEW HAMPSHIRE BUSINESS REVIEW