Metro area construction contracts jump 11% to $2.8 billion
The value of contracts for future construction in the metropolitan area rose 11 percent in February 2017. This construction was underway on March 30, 2016, in Westbury. Credit: Johnny Milano
The value of contracts for future construction in the metropolitan area rose 11 percent in February compared with a year earlier as nonresidential activity soared.
Dodge Data & Analytics, an industry information service, reported Thursday that contracts worth $2.8 billion for future building were awarded last month for the 23-county region, centered around New York City, that includes Long Island. That’s up from $2.6 billion in 2016.
Nonresidential contracts for commercial properties such as offices, hotels, factories and warehouses climbed 70 percent to $1.7 billion.
Residential contracts totaled $1.1 billion, down 29 percent year over year.
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