Value of N.H. future construction weakens in March

The total value of future construction contracts fell in March from both the previous month and the same month in 2011, but thanks to strong figures in February, future construction in New Hampshire is still stronger in 2012 than it was at the same time last year.Future construction contracts totaled $87.9 million in March, down 55 percent from the $193.5 million recorded in March 2011, according to industry information service McGraw-Hill Construction, which releases the figures each month.The March total was also down significantly from February 2012, when contracts totaled an impressive $218.3 million.Compared to March 2011, the total value of future construction contracts was down in each construction sector in March.Residential construction saw the smallest dip, falling just 4 percent year over year, from $41.9 million in March 2011 to $40.4 million in March 2012.Nonresidential construction saw a bigger drop, falling 63 percent from the $101.8 million in March 2011 to $37.4 million in March 2012.But the sector that saw the largest year-over-year drop was nonbuilding construction — which includes roads, bridges, dams and similar projects — which dropped 80 percent from $49.8 million in March 2011 to $10.1 million in March 2011.The drop in March followed a huge gain in nonbuilding construction contracts in February, when they totaled an anomalous $188.9 million.Thanks to the large posting in February of this year, year-to-date future construction is ahead of last year’s pace, if only slightly.Through March of this year, total future construction contracts are $389.2 million, up 3 percent from $377.3 million recorded at the same time last year. — KATHLEEN CALLAHAN/NEW HAMPSHIRE BUSINESS REVIEW