NEW YORK – March 7, 2016 – The Dodge Momentum Index
climbed 0.5% in February to 126.1 (2000=100) from its revised January reading
of 125.5. 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. February’s
increase was the third consecutive month-to-month gain for the Index, as a 1.0%
pickup by commercial planning reports overcame a slight 0.1% decline by
institutional planning. While commercial planning activity is still below the
levels present throughout much of 2015, it has made a moderate recovery
following the decline witnessed in late- 2015. Institutional planning, despite
easing back in February, continues to be above last year’s levels due to the
generally upward trend registered 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.
Source: Construction.com
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