The Dodge Momentum Index moved 5.3 percent higher in November to 159.7 from the revised October reading of 151.7, reports Dodge Data & Analytics.
According to Dodge Data & Analytics, November’s gain was due to a 9.4 percent rebound for the commercial component of the Dodge Momentum Index. However, the recent setbacks in the overall index can be attributed to declines in planning for commercial buildings.
In addition, the institutional component of the Dodge Momentum Index fell 0.6 percent in November. Plans for institutional building projects projects have remained generally stable during 2018, reflecting the influence of public funding as it relates to such projects as schools and transportation terminals, Dodge Data & Analytics adds.
In November, 13 projects each with a value of $100 million or more entered planning. The two leading commercial projects were a $350 million hotel in Indianapolis and a $300 million office building in Chicago. The two leading institutional projects were a $320 million high school in Chino, California, and a $240 million research laboratory in Long Island City, New York.
Dodge Data & Analytics is a North American provider of analytics and software-based workflow integration solutions for the construction industry. 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.
