Dodge Momentum Index Increases in September
The Dodge Momentum Index is on the rise again after a 3.7% increase in September. The nonresidential construction spending indicator from Dodge Data & Analytics saw both the commercial and institutional components improve as well. The Index measures the initial report of nonresidential building projects in planning.
The commercial aspect increased by 3.9%, while the institutional component improved by 3.2%. "The Momentum Index has made steady, albeit slow, progress since hitting a nadir in June," states a release from Dodge Data & Analytics.
The commercial side has far outpaced the institutional component during the third quarter. There was a 7.4% increase on the commercial side, but institutional projects saw a dip of 6.8%. In total, the index improved by 2.2% in the third quarter compared to the previous one.
There were seven projects in September valued at $100 million or more that entered planning. The commercial side saw a $120 million office in California and a $110 million distribution facility in Illinois. The institutional side was led by a $275 million research center at Auburn University and a $250 million arena in California.
-Michael Miller, managing editor