The value of contracts for future construction in the metropolitan area fell 43 percent in March compared with a year earlier as both nonresidential and residential activity dropped.
Dodge Data & Analytics, an industry information service, reported Thursday that contracts worth $2.2 billion for future building were awarded last month for a 23-county region centered on New York City that includes Long Island. That’s down from $3.8 billion in March 2016.
Nonresidential contracts for commercial properties such as offices, hotels, factories and warehouses declined 45 percent to $951 million.
Residential contracts totaled $1.2 billion, down 40 percent year over year.