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Metro area contracts for future construction fall 26%

The value of contracts for future construction in the metropolitan area fell 26 percent in June compared with a year earlier, as both nonresidential and residential activity dropped.

Dodge Data & Analytics, an industry information service, reported this week that contracts worth $2 billion for future building were awarded last month for a 23-county region centered on New York City that includes Long Island. That’s down from $2.8 billion in June 2016.

It is not uncommon to see large fluctuations in construction activity. The volume of contracts was down in March and April, year over year, after being up 89 percent in January.

In June, nonresidential contracts for commercial properties such as offices, hotels, factories and warehouses declined 47 percent to $683 million, year over year.

Residential contracts totaled $1.4 billion, down 9 percent from June 2016.

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