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Business

Metro area construction contracts up 23 percent

The value of contracts for future construction in the metropolitan area rose 23 percent in July compared with a year ago as commercial activity picked up.

McGraw Hill Construction, an industry information service, reported on Tuesday that $2.2 billion in contracts for future building were awarded in July for the 23-county region that includes Long Island.

Nonresidential contracts, which include commercial properties such as offices, hotels, factories and warehouses, totaled $1 billion, a gain of 46 percent year over year. Residential contracts rose 8 percent to $1.2 billion.

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