The Dodge Momentum Index rose to 125.3 in July, according to Dodge Data & Analytics, which is up 5.4 percent from 118.9 in June. The Momentum Index is a monthly measure of the first report for nonresidential building projects in planning.
Improving real estate market fundamentals in the commercial sector, as well as increased bond-related funding for institutional projects should continue to raise the Index through the rest of 2015, reports Dodge Data. Additionally, the Index increase in July can be attributed to a 6 percent increase in institutional planning and a 4.9 percent increase in commercial planning.
A total of 13 projects entered planning in July with a value exceeding $100 million – seven commercial projects and six institutional projects. For the commercial building sector, a $200 million Wal-Mart in Davenport, Fla., and a $200 million office building in Washington, D.C., entered planning. In the institutional building sector, a $350 million Las Vegas Convention Center expansion entered planning, as well as a $188 million high school remodel in Snoqualmie, Wash.
