The Dodge Momentum Index, a monthly measure of the first report for nonresidential building projects in planning, held steady in July compared to the previous month, according to McGraw-Hill Construction.
The index inched up 0.2 percent in July to 112.8. While July’s growth rate was modest, McGraw-Hill Construction says the momentum index continues to hold onto the gains established earlier in the year. It also remains near its four-year high.
Specifically, new plans for institutional buildings rose again, while commercial plans declined. New development for institutional buildings increased 3.3 percent, bolstered primarily by a strong showing for amusement-related projects. Several casino projects entered the planning phase in July, including a $200 million slot machine complex in Tewksbury, Mass. Along with Tewksbury, three other towns in Massachusetts will be competing for the one slot parlor license to be issued by the state.
Other new amusement-related planning projects for July included an $85 million performing arts complex in Lubbock, Texas, and a $75 million sports and entertainment complex in Alexandria, Va. Meanwhile, the commercial building component of the momentum index fell 3.0 percent, weighed down by declines for new hotel and warehouse plans.
