The Dodge Momentum Index, issued by Dodge Construction Network, increased 1 percent in October to 181.7.
The momentum index is a monthly measure of the initial report for nonresidential building projects in planning, shown to lead construction spending for nonresidential buildings by a full year.
In October, the commercial component of the index rose 2 percent while the institutional component dipped 1.4 percent.
“Heightened momentum in warehouse planning activity supported the commercial side of the index this month, while muted education planning activity slowed the institutional portion,” says Sarah Martin, associate director of forecasting at Dodge. “Overall levels of planning activity remain robust and will support construction spending over the next 12 to 18 months.”
Improvements in warehouse planning supported commercial growth, but despite strong progress in September, education and health care activity slowed in October.
Year over year, the momentum index is 8 percent lower than it was in October 2022. The commercial segment is down 14 percent in that time, and the institutional segment is up 7 percent.
Twenty-one projects valued at $100 million or more entered planning in October, according to Dodge. The largest commercial projects to enter planning were the $215 million Google data center in Kansas City, Missouri, and the $180 million Mauna Kea Beach Hotel in Waimea, Hawaii.
The largest institutional projects to enter planning were the $400 million Grand Sierra Resort Arena in Reno, Nevada, and $267 million renovation to Keller Auditorium in Portland, Oregon.
