Construction contracts up 110 percent in NY metro area in August
Since it topped out in June 2012, One57 and neighboring 432 Park Ave. have changed the skyline along Central Park South. The 90-story, 1,004-foot-tall building is mixed-use; the bottom 25 floors are part of the Park Hyatt hotel and the rest are residential condominiums. Credit: James Benet / iStock
The value of contracts for future construction in the metropolitan area rose 110 percent in August compared with a year ago as commercial activity picked up.
McGraw Hill Construction, an industry information service, reported Tuesday that nearly $5 billion in contracts for future building were awarded in August for the 23-county region that includes Long Island.
Nonresidential contracts, which include commercial properties such as offices, hotels, factories and warehouses, totaled $3 billion, a gain of 148 percent, year over year.
Residential contracts rose 70 percent to $2 billion.
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