The Dodge Momentum Index rose 13.2 percent in October to 130.9 from its revised September reading of 115.6, reports Dodge Data & Analytics.
From September to October, the commercial sector of the Dodge Momentum Index advanced 16.8 percent, while the institutional sector grew 8.3 percent.
In October, 20 projects each with a value of $100 million or more entered planning. For the commercial building sector, the leading projects included a pair of Facebook data centers in Sandston, Virginia, valued at $400 million and $200 million, respectively. For the institutional sector, the leading projects included a $480 million hospital in Dallas and a $160 million hospital tower in Seattle.
According to Dodge Data & Analytics, October’s increase supports the belief that building activity has further room to grow during this cycle.
On a year-over-year basis, the Dodge Momentum Index is 6.1 percent higher compared with the same time period one year ago, with the commercial sector up 5.5 percent and the institutional sector up 6.9 percent.
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. Dodge Data & Analytics is a provider of analytics and software-based workflow integration solutions for the construction industry.
