Dodge Momentum Index Increases
The Dodge Momentum Index, an early and accurate leading indicator of future construction spending moved to 126.1, a 0.5 percent increase over January's number. It's the third consecutive monthly increase.
The Index is a monthly measure of the first report for nonresidential building projects in planning, shown to lead construction spending for nonresidential buildings by a year. February’s increase showed a 1.0 percent gain in commercial planning reports, overcoming the slight - 0.1 percent -- decline in institutional planning.
Commercial planning activity remains below the levels present throughout much of 2015, but has made a moderate recovery. Institutional planning, despite easing back in February, continues to be above last year’s levels, continuing the generally upward trend shown over the course of 2015.
In February, seven projects entered planning with a value that exceeded $100 million. For the commercial building sector, the leading projects were a $190 million office renovation in New York, NY; a $140 million hotel and casino in Gulfport, MS; and a $129 million mixed-use project in Long Island City, NY. For the institutional building sector, the leading projects were a $500 million medical complex in Indianapolis, IN and a $180 million hospital in Valhalla, NY.
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