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.

By James T. Madore

james.madore@newsday.comJamesTMadore

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.