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Construction contracts plummet in August

The value of contracts for future construction in

The value of contracts for future construction in the metropolitan area dropped 49 percent in August compared with a year ago on a decline in commercial activity. Photo Credit: AP

The value of contracts for future construction in the metropolitan area dropped 49 percent in August compared with a year ago on a decline in commercial activity.

Dodge Data & Analytics, an industry information service, Wednesday reported contracts worth $2.6 billion for future building were awarded in August in the 23-county region that includes Long Island, down from $5 billion in August 2014.

Nonresidential contracts for commercial properties, such as offices, hotels, factories and warehouses, totaled $1.2 billion in August, off 60 percent from a year ago.

Residential contracts fell 31 percent to $1.4 billion.

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