Expected residential construction boosts NY metro contracts value in October, analyst says

The value of contracts for future construction in the metropolitan area increased in October compared with a year ago as residential activity soared.

Dodge Data & Analytics, an industry information service, reported Tuesday that contracts worth $3.1 billion for future building were awarded in October for the 23-county region that includes Long Island. Contracts totaled $1.9 billion in October 2013.

Nonresidential contracts, which include commercial properties such as offices, hotels, factories and warehouses, totaled $995 million, down 6 percent year over year. Residential contracts more than doubled to $2.1 billion, said Dodge, which used to be called McGraw Hill Construction.