Future construction contracts fall in June; but nonresidential construction numbers rise slightly.
Contracts for future nonresidential Adj. 1. nonresidential - not residential; "the commercial or nonresidential areas of a town"; "community colleges are typically nonresidential"
residential - used or designed for residence or limited to residences; "a residential hotel"; "a residential quarter"; "a construction in New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). rose 3 percent in June June: see month. , to some $94 million, but future residential contracts declined by 15 percent, to more than $120 million, according to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. McGraw Mc·Graw , John Joseph Called "Little Napoleon." 1873-1934.
American baseball player (1891-1900) and manager (1902-1932) of the New York Giants, which he led to 2,840 victories, including 10 pennants and 3 World Series championships (1905, Hill Construction.
The Lexington, Mass.-based firm said contracts for future nonbuilding construction, which includes everything from streets, highways, bridges and dams, to airports, water supply systems and utilities, totaled $58.4 million for the month, down 8 percent from $63.1 of the previous month.
A $20 million nursing home project in Boscawen and Elliot Hospital's $16 million construction project in Londonderry have both contributed to the slight increase in New Hampshire's nonresidential construction numbers, according to Kim Kennedy, economist and manager of forecasting for McGraw Hill Construction.
Year-to-date Year-to-date (YTD)
The period beginning at the start of the calendar year up to the current date. cumulative totals indicate a 17 percent decline in future construction contracts to $1.2 billion from 2005's year-to-date total of nearly $1.4 billion.
Residential contracts saw the greatest decline of 23 percent to $569.2 million, from $742.5 million.
Future contracts for nonresidential construction are down by 19 percent from $487.6 million to $394.3 million.
The only increase for the year so far has been seen in nonbuilding construction contracts, which have increased by 11 percent tO $220.3 million, up from last year's total of $198.8 million.
Kennedy expects construction trends in the health-care sector to remain positive for the state throughout the remainder of 2006 along with construction of manufacturing and garage facilities and office buildings.
Residential construction, however will remain soft, he said.
"The residential market was strong for the first half of '05," said Kennedy. "But it started softening softening /sof·ten·ing/ (sof´en-ing) malacia.
a change of consistency, with loss of firmness or hardness. late last year and has continued."
While the downward trend in residential construction is being felt around the nation, the drop in New Hampshire's residential building market is much sharper, according to Kennedy who credits short term declines to rising mortgage rates and excess supply of multifamily housing.