Metro construction contracts fall 38% in April
The value of contracts for future construction in the metropolitan area fell 38 percent in April compared with a year earlier as both residential and nonresidential activity dropped.
Dodge Data & Analytics, an industry information service, reported Thursday that contracts worth $1.9 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 $3.1 billion in April 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 April, residential contracts declined 42 percent to $915 million, year over year.
Nonresidential contracts for commercial properties such as offices, hotels, factories and warehouses totaled $979 million, down 34 percent from April 2016.
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