The state of Maryland experienced extreme ups and downs during January in the three construction categories reported by McGraw-Hill Construction, publisher of Mid-Atlantic Construction. Robust gains in the residential and nonbuilding sectors overcame a huge drop in nonresidential contracts for an overall increase of 9% during the month, compared to last January.
The value of new nonresidential construction contracts signed during January for future construction decreased by 69%, for an estimated value of roughly $69.4 million, down from last January’s nearly $224-million total.
The value of new January residential contracts nearly doubled compared to the same period of a year ago, however, to tally $149.2 million. Last January, this sector had totaled just $75.3 million in new starts.
A significant increase in the nonbuilding sector, which includes infrastructure contracts, also helped to overcome the nonresidential downturn. This category experienced nearly $206.1 million in new contracts during January, or more than double the approximately $92 million of a year ago.
The total value of Maryland’s new January contracts was approximately $424.7 million, compared to the $391.4 million of a year ago.