Metro construction contracts gain in August in a reversal
Construction is underway March 30, 2016 at The Beechwood Organization's building site of a future 195-unit high-end apartment-hotel in Westbury. Credit: Johnny Milano
The value of contracts for future construction in the metropolitan area rose in August from a year earlier, reversing four consecutive months of year-over-year declines, according to a new report.
Dodge Data & Analytics, an industry information service, reported this week that contracts worth $2.8 billion for all future building were awarded in August in the 23-county region that includes Long Island, up from $2.7 billion, or 1 percent, in August 2015.
Nonresidential contracts for commercial properties such as offices, hotels, factories and warehouses, totaled $1.4 billion in August, a 10 percent gain year over year.
Residential contracts fell 6 percent to $1.4 billion.
The value of building contracts in the metro area declined year over year in April, May, June and July.
It's Your Business! This month's roundup including how to protect yourself from digital scams Join NewsdayTV as we recount the top business stories on LI that you need to know about.
It's Your Business! This month's roundup including how to protect yourself from digital scams Join NewsdayTV as we recount the top business stories on LI that you need to know about.
