Future construction shoots up in August

In August, future construction contracts in New Hampshire totaled about $70 million more they did in the same month the previous year.

Future construction contracts in the state totaled $178.6 million in August — a 67 percent increase from the $106.7 million recorded in August 2011, according to industry information service McGraw-Hill Construction, which releases the figures each month.

That brings the year-to-date total value of contracts for 2012 to just slightly above where they were at the same time last year. Through the first eight months of 2012, future construction in the state totaled $1.120 billion — a 1 percent increase from the $1.105 billion recorded through the same period in 2011.Indeed, every construction sector — residential, nonresidential, and nonbuilding — saw a year-over-year increase in August.

Nonresidential building contracts totaled $48.9 million in August, up 7 percent from the $45.6 million in August 2011.Residential building saw a larger increase of 60 percent, from $36.3 percent in August 2011 to $58.2 million in August 2012.And the sector that saw the biggest increase of all was in nonbuilding construction — which includes things like bridges, roads, utilities, and so on – which rose a whopping 187 percent, from $24.9 million in August 2011 to $71.5 million in August 2012.Year to date, residential and nonbuilding construction are both doing better than they were last year. In the first eight months of the year, residential building totaled $314 million, up 5 percent from the $298.5 million during the same period last year.

Nonbuilding contracts have absolutely boomed over the same period last year. They are more than double where they were at the same time last year, increasing from $211.6 million through August 2011 to $477.2 million through August 2012. Through August, only nonresidential building is lagging behind last year's pace. Nonresidential contracts — which totaled $595.4 million through August 2011 – are down 45 percent in 2012, to $329.2 million.


Categories: Real Estate & Construction