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Metro area construction contracts plunge 31 percent

The value of contracts for future construction in

The value of contracts for future construction in the metropolitan area plunged 31 percent in May compared with a year ago, according to a new report from Dodge Data & Analytics. Photo Credit: Steve Pfost

The value of contracts for future construction in the metropolitan area plunged 31 percent in May compared with a year ago, according to a new report.

Dodge Data & Analytics, an industry information service, reported Thursday that contracts worth $3.7 billion for all future building were awarded in May in the 23-county region that includes Long Island, down from $5.3 billion in May 2015.

Nonresidential contracts, for commercial properties such as offices, hotels, factories and warehouses, totaled $1.8 billion in May, a 34 percent drop year over year.

Residential contracts fell 28 percent to $1.9 billion.

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