N.C., S.C. Experience Declines Again in February

Compared to the same period of a year ago, the value of new contracts signed in February for future construction fell by just 4% in North Carolina but by a significant 31% in South Carolina, according to the latest information from McGraw-Hill Construction, publisher of Southeast Construction.

In North Carolina, the value of new starts in February totaled roughly $1.8 billion. The residential sector was the only negative sector, however, falling by 32% for a monthly total of about $822.9 million. The value of new nonresidential contracts soared, by 52%, to climb to about $708.6 million, compared to last February’s $467.4 million tally. The value of nonbuilding starts continued to improve, escalating by 36% compared to last February to total approximately $281.3 million.

For the year-to-date, residential is again the only negative sector for North Carolina. The housing sector is 33% behind the pace of the first two months of 2007, and totals roughly $1.7 billion in new starts so far. The nonresidential market is 6% ahead of the early ’07 pace, with about $1.1 billion in new starts, while the nonbuilding segment is 35% ahead, with a roughly $563.5 million total.

In South Carolina, February contracts fell by 31% overall, compared to the same period of a year ago, for a $613.6 million total. That compares to last February’s $886.7 million tally.

For the month, the nonresidential sector decreased by 37% from the previous February for a $156.2 million total. Residential also fell, by 33%, for a $393.3 million total. The value of nonbuilding starts improved by 21%, however, with a total of about $64.1 million.

For the year-to-date, the value of new starts in South Carolina is 28% lower than ‘07’s early pace. Residential is 33% below last year, and totals roughly $800.6 million. Nonresidential is 34% down from the same period of a year ago, with a $344.6 million tally so far. The nonbuilding segment, which includes streets and highways, bridges and other infrastructure, is 40% ahead of 2007’s pace, however, with a roughly $179.9 million total.

R.J. Griffin & Co. Building Vue in Charlotte

Atlanta-based R.J. Griffin started construction in December on the 53-story, 409-unit Vue mixed-use project in uptown Charlotte. The construction cost is estimated at $143.5 million, and the building measures nearly 1.2 million sq ft.

In addition to the residential component, the project will also include a 761-space parking deck, street-level retail and an amenities deck featuring a pool and tennis court.

Click here for more Carolina News >>