47° Good Evening
47° Good Evening

Metro area construction contracts fall 32 percent, report says

The value of contracts for future construction in the metropolitan area dropped 32 percent in February compared with a year ago, according to a new report.

Dodge Data & Analytics, an industry information service, reported Thursday that contracts worth $2.5 billion for all future building were awarded last month in the 23-county region that includes Long Island, down from $3.7 billion in February 2015.

Nonresidential contracts, for commercial properties such as offices, hotels, factories and warehouses, totaled $1 billion in February, a 42 percent decrease year over year.

Residential contracts dropped 23 percent to $1.5 billion.

More news