The value of contracts for future construction in the metropolitan area plunged 60 percent in June compared with a year earlier, according to a new report.
Dodge Data & Analytics, an industry information service, reported Thursday that contracts worth $2.4 billion for all future building were awarded in June in the 23-county region that includes Long Island, down from $6.1 billion in June 2015.
Nonresidential contracts for commercial properties such as offices, hotels, factories and warehouses, totaled $1.1 billion in June, a 61 percent drop year over year.
Residential contracts fell 60 percent to $1.3 billion.
June was the third consecutive month of year-over-year declines in the value of building contracts in the metropolitan region.