The Dodge Momentum Index receded 4.4 percent in February to 146.9, reports Dodge Data & Analytics, from the revised January reading of 153.6.
In February, the institutional component fell 5.9 percent and the commercial component dropped 3.4 percent.
According to Dodge Data & Analytics, the average level of activity has downshifted slightly since the summer of 2018. From April through August 2018, the average level of the Dodge Momentum Index was 158.6, while from September 2018 through February 2019, the average was 150.3, representing a 5.2 percent decline. This shift continues to suggest the growth in construction activity will moderate over the coming year, Dodge Data & Analytics adds.
In February, nine projects each with a value of $100 million or more entered planning. The leading commercial building projects were a $200 million Keurig/Dr. Pepper office project in Frisco, Texas, and a $200 million mixed-use development in San Jose, California. The leading institutional building projects were the $300 million VCU Health Children’s Hospital in Richmond, Virginia, and the $187 million Wolfson Children’s Critical Care Tower in Jacksonville, Florida.
The Dodge 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.
