New Hampshire construction contract totals dismal again in May
Once again, residential construction is the only bright spot
The general outlook continues to appear weak for the New Hampshire construction industry.
According to data released by industry information service McGraw Hill Construction, the value of total future construction contracts in May 2013 totaled $82.4 million – a whopping 54 percent lower than the $178.6 million recorded in May 2012.
Once again, the sole bright spot was found in the residential sector, where future construction contracts amounted to $49.4 million, 7 percent more than a year earlier, when they totaled $46.4 million.
For the first five months of the year, future residential construction totaled $210.1 million – a full 35 percent more than the $155.1 million recorded through May 2012.
But the totals were dismal for New Hampshire’s nonresidential and nonbuilding sectors.
The value of future nonbuilding contracts, which are for projects such as roads, bridges and other infrastructure, fell by 82 percent in May, from $57.6 million in 2012 to $10.6 million this year. So far this year, future nonbuilding contracts are down a dismal 82 percent — from $331 million a year ago to this year’s $61.2 million.
The value of future nonresidential contracts also continued their decline, falling to $22.3 million in May – 70 percent less than the $74.6 million recorded a year earlier.
For the year so far, nonresidential contracts are down 42 percent, from $191.2 million through May 2012 to $111.6 million through May 2013.
Overall, for the year, $382.9 million in total future construction contracts have been reported – a drop of 43 percent from the $677.3 million reported through the first five months of 2012.