McGraw-Hill: Construction contracts decline in Birmingham area

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BIRMINGHAM, Alabama — Construction activity in the Birmingham area is poised to dip, as the value of building contracts slumped in March.

McGraw-Hill Construction said the total value of construction contracts in the Birmingham metro area dropped 80 percent to $56.8 million in March, as nonresidential projects plunged.

The value of nonresidential projects totaled just $5.2 million in March, down from $241.8 million in the prior year, the firm said. These projects including offices, factories, churches, schools, hotels and other buildings.

Residential projects, however, rose in value. McGraw-Hill said the value of residential projects reached $51.5 million in March, up from $41.1 million in the previous year.

Article source: http://blog.al.com/businessnews/2012/04/mcgraw-hill_construction_contr_5.html