The Dodge Momentum Index rose 0.9 percent in March to 144.4 from a revised February reading of 143.2, reports Dodge Data & Analytics.
Much of the increase was due to a 3.7 percent rise in institutional projects. Despite this, commercial planning fell 1.2 percent in March. Dodge Data & Analytics adds that both the commercial and institutional components are well above their 2016 levels so far.
In March, eight projects entered planning, each with a value that exceeded $100 million. For the commercial building sector, the leading projects included a $200 million Universal Orlando Resort in Orlando, Florida, and a $150 million office building in Clayton, Missouri. For the institutional sector, the leading project was a $500 million media complex in Chicago.
The Dodge Momentum Index has now risen for six consecutive months, with much of the gain being driven by institutional projects entering planning, Dodge Data & Analytics adds.
Dodge Data & Analytics is a technology-driven construction project data, analytics and insights provider. 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.
