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Contracts for future metro area building rise 128 percent in May, analyst says

The value of contracts for future construction in the metropolitan area rose 128 percent last month compared with a year ago on a surge in higher residential activity.

Dodge Data & Analytics, an industry information service, reported contracts worth $4.5 billion for all future building were awarded in May in the 23-county region that includes Long Island, up from $2 billion in May 2014.

Residential contracts totaled $2.2 billion last month, up 143 percent year over year. Nonresidential contracts, for commercial properties such as offices, hotels, factories and warehouses, rose 115 percent to $2.3 billion.

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