The value of contracts for future construction in the New York metropolitan area dropped nearly 40 percent this past month compared with a year ago as both residential and commercial activity fell.
Dodge Data & Analytics, an industry information service, reported contracts worth $2 billion for future building were awarded in November for the 23-county region that includes Long Island. Contracts totaled $3.2 billion in November 2013.
Nonresidential contracts, for commercial properties such as offices, hotels, factories and warehouses, totaled $827 million, down 46 percent year over year.
Residential contracts declined 31 percent to $1.2 billion, Dodge said last week.