Dodge Momentum Index Dips in September
The Dodge Momentum Index fell in September, dropping to 115.8 (2000=100) for the month, down 0.7% from August’s reading of 116.6 according to McGraw Hill Construction, a division of McGraw Hill Financial.
The Momentum Index is a monthly measure of the first (or initial) report for nonresidential building projects in planning, which have been shown to lead construction spending for nonresidential buildings by a full year. After rising 13% during the first half of 2014, the Momentum Index declined in each of last three months, retreating a combined 7%. Despite these setbacks, the Momentum Index remains 8% higher than a year ago, indicating that to this point the upward trend for nonresidential building projects at the planning stage is still present.
The September drop in the Momentum Index was the result diminished planning activity for its two main segments – commercial building, down 0.8%; and institutional building, down 0.4%. While the commercial segment showed a slight decline, two notable projects of over $100 million in value entered planning during the month. They are a $500 million Resorts World Hotel and Casino in Las Vegas NV and a $130 million hotel in New York NY.
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