The Dodge Momentum Index increased 1.4 percent in July to 169.8 from the revised June reading of 167.3.
In July, the commercial component of the Dodge Momentum Index grew 3.3 percent, while the institutional component fell 1.5 percent. According to Dodge Data & Analytics, the headline Dodge Momentum Index has risen steadily since its slippage during the third quarter of 2017.
In July, 17 projects each with a value of $100 million or more entered planning. For the commercial sector, the two leading projects were a $295 million data enter in Sterling, Virginia, and a $225 million warehouse/office building in Ontario, Canada. For the institutional sector, the leading projects were the $325 million MUSC Health Community Hospital in Summersville, South Carolina, and the $150 million Texas Acute Care Hospital in Mansfield, Texas.
Stronger economic growth and the support from still-healthy real estate market fundamentals, including occupancies and rents, have contributed to these gains for construction projects at the planning stage, Dodge Data & Analytics reports.
The Dodge Momentum Index is a monthly measure of the first report for nonresidential building projects in planning, which have shown to lead construction spending for nonresidential buildings by a full year.
Dodge Data & Analytics is a provider of analytics and software-based workflow integration solutions for the construction industry.
