Future construction contracts soar on nonresidential activity
Construction workers at Nassau Coliseum assemble the structures that will hold the new panels being installed outside the Coliseum, Monday, Nov. 7, 2016. Credit: Newsday / Alejandra Villa
The value of contracts for future construction in the metropolitan area rose 89 percent in January compared with a year earlier as nonresidential activity soared.
Dodge Data & Analytics, an industry information service, reported Thursday night that contracts worth $6.9 billion for future building were awarded last month for a 23-county region centered on New York City that includes Long Island. That’s up from $3.7 billion in January 2016.
Nonresidential contracts for commercial properties such as offices, hotels, factories and warehouses climbed 224 percent to $5.1 billion.
Residential contracts totaled $1.8 billion, down 13 percent year over year.
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