The Dodge Momentum Index moved 0.3 percent higher in November to 133.2 from its revised October reading of 132.7, reports Dodge Data & Analytics.
The Dodge Momentum Index is a monthly measure of the first report for nonresidential building projects in planning, which have been shown to lead construction spending for nonresidential buildings by a full year.
According to Dodge Data & Analytics, the overall index has posted increases in 10 of the past 12 months and stands 18 percent higher than its November 2015 reading.
The slight increase in November was due to a 4.1 percent rise in the commercial building component. Despite this, the institutional component slipped 5.2 percent in November. Institutional planning is currently 2 percent lower than last year, while commercial planning stands 35 percent above the 2015 numbers.
Seven projects entered planning with a value that exceeded $100 million in November, Dodge Data & Analytics reports. The leading commercial projects are a $400 million office building in Chicago and a $180 million hotel expansion and renovation in New York. The leading institutional projects included a $155 million hospital in Rochester, New York, and a $100 million hospital and research lab in Bethesda, Maryland.
Dodge Data & Analytics is a technology-driven construction project data, analytics and insights provider.
