The Dodge Momentum Index fell 5.1 percent in April to 133.8, dropping from a March reading of 140.9 according to 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, April’s decline was due to a 12 percent drop in the institutional sector. Despite this, the commercial segment rose 0.1 percent.
In April, six projects entered planning each with a value over more than $100 million. For the commercial building sector, the leading projects included a $275 million commercial building project in Brooklyn, New York, and the $100 million Optimus Logistics Center in Perris, California.
For the institutional building sector, the leading projects included the $200 million Kennedy Health Patient Tower in Turnersville, New Jersey, and the $110 million Highline High School replacement in Burien, Washington.
Despite April’s decline, the upward trend for the Dodge Momentum Index continues. Since early 2016, the index has been growing, Dodge Data & Analytics adds.
Dodge Data & Analytics is a provider of analytics and software-based workflow integration solutions for the construction industry.
