NY metro area construction contracts up 53% in February

The value of contracts for future construction in the New York metropolitan area soared last month compared with a year ago, another sign of the improving economy.

McGraw Hill Construction, an industry information service, reported on Tuesday that $2.5 billion worth of contracts for future building were awarded in February for the 31-county region that includes Long Island. That's a 53 percent increase over February 2013.

Residential contracts totaled $1.5 billion last month, a gain of 58 percent. Nonresidential contracts, which includes offices, hotels, factories and warehouses, was up 44 percent, year over year, to $947 million.