Regional Building Dropped In July

September 25, 2002
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NEW YORK — According to McGraw-Hill Construction, building contracts in the Grand Rapids SMA for the month of July were down sharply from a year ago.

The firm reported that building in Allegan, Kent, Muskegon and Ottawa counties was down 44 percent compared with July of 2001. Nonresidential construction in July was $32 million this year, off 73 percent from the same month in 2001.

Residential construction wasn’t hurt nearly as badly, being just under $89 million this July, down eight percent from $96 million for the same month last year.

In cumulative terms, the picture is not so gloomy, with building for all of this year being at $1,050,202,000, off four percent from $1,098,587,000 for the same period in 2001.

In fact, residential construction for the entire year is up 8 percent — $617 million this year in contrast to $572 million in 2001 — but nonresidential construction showed an 18 percent deficit.

Through July of 2001, nonresidential construction in the SMA totaled $525.7 million as opposed to $432.7 for this year.

McGraw-Hill Construction is a widely recognized authority on the construction market. The firm publishes Dodge Reports and Sweet’s Catalog Files.

The firm defines residential construction as one- and two-family homes.

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