The value of contracts for future construction in the metropolitan area increased by nearly 30 percent in October compared with a year ago, as nonresidential activity rose.
Dodge Data & Analytics, an industry information service, reported Monday that contracts worth $4 billion for future building were awarded last month for a 23-county region centered on New York City that includes Long Island. That’s a 29 percent gain over October 2015, when new building contracts totaled $3 billion.
Nonresidential contracts, for commercial properties such as offices, hotels, factories and warehouses, totaled $2.6 billion, up 55 percent year over year.
Residential contracts fell 2 percent to $1.3 billion.