The Dodge Momentum Index remained unchanged in May at 122.3, reports Dodge Data & Analytics. The Momentum Index is a monthly measure of the first report for nonresidential building projects in planning.
In May, institutional building rose 3.1 percent while commercial building fell 2.2 percent. Eight projects in the institutional sector exceeded $100 million, including the $466 million Vassar Brothers Medical Center Pavilion in Poughkeepsie, N.Y., and the $400 million Covenant Medical Center Tower in Lubbock, Texas. In addition, six commercial projects in May valued at over $100 million, including a $300 million warehouse in distribution center in Kearny, N.J., and a $113 million retail center in Sarasota, Fla.
So far in 2015, the Index has been flat. However, the Index in May of 2015 is up 6.1 percent compared to May of 2014. According to Dodge Data & Analytics, several factors are expected to help the Index move beyond its current plateau and continue to move upward, including further improvement by market fundamentals for commercial real estate and increased funding support for construction projects from state and local governments.
Charts: Dodge Data & Analytics
