Value of contracts for future building in metro area rises 11%
The value of contracts for future construction in the metropolitan area increased by 11 percent in November compared with a year ago, according to Dodge Data & Analytics, an industry information service. Among the projects on Long Island is the newly revamped Nassau Coliseum, seen on Nov. 7, 2016. Credit: Newsday / Alejandra Villa
The value of contracts for future construction in the metropolitan area increased by 11 percent in November compared with a year ago, as nonresidential activity rose.
Dodge Data & Analytics, an industry information service, reported last week that contracts worth $2.5 billion for future building were awarded last month for a 23-county region centered on New York City that includes Long Island. That’s a modest gain over November 2015, when new building contracts totaled $2.3 billion.
Nonresidential contracts, for commercial properties such as offices, hotels, factories and warehouses, totaled $1.4 billion, up 71 percent year over year.
Residential contracts fell 22 percent to $1.2 billion.
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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.
