The Dodge Momentum Index measuring the first report for nonresidential building projects in planning rose 5.9 percent in March, according to McGraw-Hill Construction.
The increase lifted the index to 109.4, marking the fourth gain in a row following the modest retreat that took place from August through November last year. The four straight gains suggest owners and developers now perceive the climate for construction to be improving, as shown by the rising amount of commercial and institutional building projects reaching the planning stage, McGraw-Hill Construction says.
The March increase was evenly split between commercial and institutional components. Large projects that boosted the commercial segment of the planning pipeline in March included a $200 million Maui Outlet Mall in Kihei, Hawaii; a $135 million headquarters for New Balance in Brighton Mass.; and a $75 million headquarters for British Petroleum in Houston.
The institutional segment was bolstered in March by the inclusion of several new amusement-related projects. The largest of these developments is the $400 million MGM/AEG Arena in Las Vegas.
