The Dodge Momentum Index dipped 0.5 percent in April to 144.3 (2000=100) from the revised March reading of 145.1, according to Dodge Data & Analytics.
The April decline resulted from the commercial component retreating 1 percent while the institutional component rose slightly by 0.2 percent.
In April, 18 projects each with a value of $100 million or more entered planning. The leading commercial projects were a $418 million Microsoft data center in Des Moines, Iowa, and a $300 million warehouse in Staten Island, New York. The leading institutional projects were a $300 million hospital in New York City and a $200 million hospital in Beachwood, Ohio.
Over the last year, since April 2018, the index has dropped 8.5 percent overall. During that same period, the commercial component has fallen 4.7 percent while the institutional component is down 13.9 percent.
The past several months, however, have been relatively steady with neither strong gains or losses, according to Dodge Data & Analytics, suggesting a moderate level of construction activity over the next few months.
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.
