Metro future construction contracts dropped 31% in November
The value of contracts for future construction in the metropolitan area fell 31 percent in November compared with a year earlier.
Dodge Data & Analytics, an industry information service, reported last week that contracts worth $1.9 billion for future building were awarded in November for a 23-county region centered on New York City that includes Long Island. That’s down from $2.7 billion a year ago.
In November 2017, nonresidential contracts for commercial properties such as offices, hotels, factories and warehouses decreased 52 percent to $718.5 million, year over year.
Residential contracts totaled $1.2 billion, a drop of 5 percent from November 2016.
James T. Madore writes about Long Island business news including the economy, development, and the relationship between government and business. He previously served as Albany bureau chief.
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