Carolina May Contracts: N.C. Down 50%, S.C. 14%

Compared to the same period of a year ago, the value of new contracts signed in May for future construction fell by 50% in North Carolina and by 14% 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 May totaled nearly $1.6 billion, down from last May’s $3.1 billion. The residential sector fell 45% for the month to total about $851.2 million. Nonresidential contracts declined by 57% to tally $543.2 million. The value of nonbuilding starts also declined dramatically, finishing the month at an estimated $161.8 million, or 45% behind last May.

For the year-to-date, North Carolina is now 20% behind last year’s pace. The residential sector is 34% behind last year, and totals roughly $4.6 billion in new starts so far. The nonresidential market is 24% behind the ’07 pace, with about $2.7 billion in new starts. On the positive side, the nonbuilding segment’s approximately $2.1 billion total to date is about 80% ahead of last year’s pace.

In South Carolina, May contracts fell by 14% overall, compared to the same period of a year ago, for a $867.2 million total. That compares to last May’s total of $1 billion.

Despite the overall decline, the nonresidential sector improved markedly, increasing by 90% over the previous May for a $429.7 million total. Residential dropped by 45%, however, for a $371.2 million total. The value of nonbuilding starts declined by 40% for a total of about $66.2 million.

For the year-to-date, the value of new starts in South Carolina is 25% lower than ‘07’s pace. Residential is 26% below last year, and totals roughly $2.3 billion. Despite the big uptick in May, nonresidential is still 19% off the pace of a year ago, with a nearly $1.1 billion tally so far. The nonbuilding segment, which includes streets and highways, bridges and other infrastructure, is 36% behind last year’s pace and totals $384.8 million.

Bovis Tops Out Catalyst Condo in Charlotte

The Charlotte office of Bovis Lend Lease topped out its Catalyst condominium project in Charlotte in June. The contractor reports that construction began on the project on July 16, 2007 and is expected to be completed by January.

The 27-story, 513,500-sq-ft residential tower will contain 462 condominium units, with units averaging 833 sq ft. The units will be a mix of one bedroom, one bedroom dens and two-bedroom floor plans. In addition, there will be a 406,647-sq-ft freestanding seven-story precast concrete parking deck with 1,200 spaces. There also will be 11,000 sq ft of street-level retail shell space and an amenity deck on the second level.

The owner of the project is Novare Group of Atlanta, and the architect is Smallwood, Reynolds, Stewart, Stewart & Associates, also of Atlanta.

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