The Dodge Momentum Index lowered 4.2 percent in October to 150.5 from the revised September reading of 157, reports Dodge Data & Analytics.
According to Dodge Data & Analytics, October’s shortfall was the third consecutive monthly decline and the result of losses in both the commercial and institutional components.
From September to October, the commercial component fell 4.9 percent, which is inconsistent with the view that this sector is approaching a peak and should begin to gradually ease back over the coming year. Meanwhile, the institutional component, which has been relatively more stable due to the availability of public funds, fell 3.1 percent.
In October, 10 projects each with a value of $100 million or more entered planning. The two leading commercial projects were a $300 million industrial park in Frederickson, Washington, and a $154 million warehouse in Wilkes Barre, Pennsylvania. The two leading institutional projects were a $198 million school in Newburgh, New York, and a $105 million high school in Junction City, Kansas.
Dodge Data & Analytics is a North American provider of analytics and software-based workflow integration solutions for the construction industry. 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.
