Dodge Momentum Index Increased in October
The Dodge Momentum Index reversed three months of declines, rising in October to 125.5 (2000=100) for the month, up 7.6% from September's 116.6 according to Dodge Data & Analytics. The Momentum Index now stands 18% above last year, which indicates that overall healthy economic growth is working its way through to the construction sector.
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. The Momentum Index had declined in each of the previous three months, and the increase in October returns the Index to the rising trend seen during the first half of this year.
The October rise was the result of greater planning activity for its two main segments – institutional building, up 8.8% for the month; and commercial building, up 6.8%. There were six commercial building projects exceeding $100 million that entered into planning during the month: the $200 million Potomac Yard Office Building in Alexandria VA, the $200 million Waterfront Office Development in Austin TX, a $150 million warehouse in Eastvale CA, the $125 million Hudson Hotel in Philadelphia PA, a $100 million Phase 2 rehabilitation of the Constitution Gardens in Washington DC, and the $100 million Stadium Walk in Atlanta GA.
(As reported by PR Newsire.)
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