NEW YORK September 8, 2016, The Dodge Momentum Index grew
1.3% in August to 134.9 (2000=100), from its revised July reading of 133.2. The
Momentum Index is a monthly measure of the first (or initial) report for
nonresidential building projects in planning, which have been shown to lead
construction spending for nonresidential buildings by a full year. The move
higher in August was the result of a 1.7% increase from July for institutional
planning as well as a 1.0% gain for commercial planning. August is the fifth
consecutive month that the Momentum Index has increased, marking the longest
such streak since the end of 2012 into 2013. The Momentum Index is currently
16% above the same month a year ago, reflecting this growth by major sector –
institutional planning up 22% and commercial planning up 11%. That both sectors
are showing such improvement suggests that developers are shrugging off
sluggish economic data and the uncertainty surrounding the November elections,
and moving ahead with plans for new projects.
In August, 14 projects entered planning each with a value
that exceeded $100 million. For the commercial building sector, the leading
projects were a $400 million expansion to the Resorts World Hotel & Casino
in Las Vegas NV and a $312 million Place Station Hotel tower also in Las Vegas
NV. The leading institutional projects were a $260 million education complex in
Thompson NY and a $160 million expansion and renovation of the Lakeland Medical
Center in Saint Joseph MI.
Source: Construciton.com
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