The Dodge Momentum Index rose 1.6 percent in February to 144 from its revised January reading of 141.7, reports Dodge Data & Analytics.
The increase was largely due to a 4.4 percent jump in institutional planning. According to Dodge Data & Analytics, the Dodge Momentum Index has now increase for five consecutive months.
In February, four projects that exceeded $100 million entered planning. For the institutional building sector, the leading projects included a $100 million hospital in Westampton, New Jersey, and a $100 million military barracks in Great Lakes, Illinois. For the commercial building sector, the leading projects included a $470 million hotel in Nashville, Tennessee, and a $130 million shopping center in La Puente, California.
On a year-over-year basis, the Dodge Momentum Index is 22 percent higher, with commercial planning up 28 percent and institutional planning ahead 15 percent, Dodge Data & Analytics adds.
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. Dodge Data & Analytics is a technology-driven construction project data, analytics and insights provider.
