The Dodge Momentum Index grew 4 percent in May to 139.1, reports Dodge Data & Analytics.
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.
According to Dodge Data & Analytics, the commercial component of the Dodge Momentum Index increased 4.8 percent to an 8 1/2-year-high. This suggests construction activity for commercial buildings will continue to rise over the next year, Dodge Data says.
In addition, the institutional component of the Dodge Momentum Index rose 2.9 percent in May.
In May, six projects entered planning each with a value of $100 million or more. The leading projects in the commercial building sector include the $245 million Camden Partners office tower in Camden, New Jersey, and the $140 million first phase of the Gateway of the Pacific office complex in San Francisco. The leading project in the institutional building sector was a $100 million detention center in Conroe, Texas.
Dodge Data & Analytics provides analytics and software-based work flow integration solutions for the construction industry.
