NY metro area construction contracts plunge for fourth month
The value of contracts for future construction in the metropolitan area plunged 51 percent in July compared with a year earlier, according to a new report.
Dodge Data & Analytics, an industry information service, reported Thursday that contracts worth $2.3 billion for all future building were awarded in July in the 23-county region that includes Long Island, down from $4.7 billion in July 2015.
Residential contracts totaled $1.3 billion, a 54 percent drop year over year.
Nonresidential contracts for commercial properties such as offices, hotels, factories and warehouses, fell 46 percent to $963 million.
July was the fourth consecutive month of year-over-year declines in the value of building contracts in the metropolitan region.
Out East Show: Visit The Shamrock evergreen maze, Sannino Vineyard, Seven Ponds Orchard and the Warrior Ranch Foundation NewsdayTV's Doug Geed is heading 'Out East' to showcase the ultimate local spots you need to explore.
Out East Show: Visit The Shamrock evergreen maze, Sannino Vineyard, Seven Ponds Orchard and the Warrior Ranch Foundation NewsdayTV's Doug Geed is heading 'Out East' to showcase the ultimate local spots you need to explore.
