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.
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Get ready for sun and fun with NewsdayTV's summer FunBook special! From celebrating America's 250th birthday to a new ride at Adventureland, NewsdayTV's Elisa DiStefano and Newsday lifestyle editor Meghan Giannotta have your inside look at Newsday's summer FunBook.
