McGraw-Hill Construction, publisher of Southeast Construction, has revised its 2009 forecast for nonbuilding contract activity in the four-state region of Florida, Georgia, North Carolina and South Carolina. According to the company, the Southeast’s nonbuilding market–which includes infrastructure projects–should tally approximately $18.1 billion for the year.
If realized, that would result in the second-highest dollar volume for this market, behind only the $20.8 billion in nonbuilding contracts recorded in 2007. Additionally, it would be roughly $2.3 billion ahead of the $15.8 billion recorded for the four-state region during 2008.
More than half of the region’s nonbuilding activity is happening in Florida. McGraw-Hill Construction projects that the Sunshine State will experience approximately $10.7 billion in new nonbuilding contracts by the end of the year.
The company estimates the other three states will see approximately $7.4 billion in new nonbuilding contracts. Georgia should experience approximately $3.3 billion in new nonbuilding projects, followed by North Carolina with roughly $2.7 billion in new contracts expected. South Carolina’s nonbuilding market should tally roughly $1.4 billion.
The individual forecast totals for Georgia and the Carolinas are all below each respective state’s previous five-year average for the period of 2004-2008. Florida’s 2009 forecast is $3 billion higher than its average for the same five-year span.
| Average Annual Starts | Forecast 2009 | |||
|---|---|---|---|---|
| 1994-1998 | 1999-2003 | 2004-2008 | ||
| Southeast Region | 8.1 | 12.4 | 16.3 | 18.1 |
| Florida | 3.7 | 5.7 | 7.7 | 10.7 |
| Georgia | 1.8 | 2.8 | 4.1 | 3.3 |
| North Carolina | 1.7 | 2.2 | 2.8 | 2.7 |
| South Carolina | 1.0 | 1.6 | 1.6 | 1.4 |
