Future N.H. construction contracts drop in June
The total value of contracts in July for future construction in New Hampshire remains well below last year’s levels as the effects of federal stimulus spending apparently begins to wear off.
In fact, according to industry information service McGraw-Hill Construction, the total value of nonbuilding contracts — roads, bridges and other infrastructure — stood at $ $29.1 million, 40 percent below the $48.7 million reported in July 2008.
Future nonresidential construction contracts totaled $53.2 million in July, 47 percent lower than the $99.7 million reported a year earlier. Residential construction contracts reflected a 48 percent decrease from last year, falling to $38.7 million from $74.8 million last year.
All told, July 2009 contracts for future construction in New Hampshire totaled $121.1 million — 46 percent less than the $223.3 million in contracts reported a year earlier.
However, thanks to federal economic stimulus spending, the cumulative total of future construction contracts so far in 2009 shows an overall 9 percent increase from last year. Future construction contracts through July total $1.2 billion — compared to $1.1 billion at the same point in 2008. — JEFF FEINGOLD/NEW HAMPSHIRE BUSINESS REVIEW