Published Jan. 30, 2012
The construction trade website reported that the state's final overall value for 2011 contracts was about $7.8 billion, or a 12% increase over $6.6 billion in 2010.
All three construction categories contributed to the upturn, including residential, where a 20% gain in December pushed construction in the housing market to a 1% increase for the year, for a $3.4 billion final total.
Georgia and South Carolina were the only Southeast states to show positive growth in nonresidential construction. South Carolina had $2.2 billion in new nonresidential contracts last year, a 13% increase.
In 2012, McGraw-Hill economists predict a shift in building markets. The residential sector should improve by 15% in 2012 over last year's $3.4 billion.
South Carolina contracts should also grow in 2012. McGraw-Hill Construction forecasts 8% growth to $8.5 billion in new construction.