Future NY metro area construction contracts drop 40 percent

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.