The value of contracts for future construction in the metropolitan area fell 34 percent in May compared with a year earlier as both residential and nonresidential activity dropped.
Dodge Data & Analytics, an industry information service, reported Thursday that contracts worth $2.4 billion for future building were awarded last month for a 23-county region centered on New York City and that includes Long Island. That’s down from $3.6 billion in May 2016.
It is not uncommon to see large fluctuations in construction activity. The volume of contracts was down in March and April, year over year, after being up 89 percent in January.
In May, residential contracts declined 14 percent to $1.7 billion, year over year.
Nonresidential contracts for commercial properties such as offices, hotels, factories and warehouses totaled $731 million, down 57 percent from May 2016.