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Business

Metro area construction contracts plunge 59%

The value of contracts for future construction in the metropolitan area plunged 59 percent in April compared with a year ago, according to a new report.

Dodge Data & Analytics, an industry information service, reported Thursday that contracts worth $3 billion for all future building were awarded last month in the 23-county region that includes Long Island, down from $7 billion in April 2015.

Nonresidential contracts, for commercial properties such as offices, hotels, factories and warehouses, totaled $1.5 billion in April, a 64 percent drop year over year.

Residential contracts fell 51 percent to $1.5 billion.

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