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Nonresidential Building Index Shows Gain
Four Percent Higher than Last Month

Nonresidential Building Index Shows Gain

The Dodge Momentum Index has been shown to lead construction spending for nonresidential construction by a year.

The Dodge Momentum Index, which each month measures the initial report for nonresidential projects in planning, gained 4% in June to register a score of 146.1. This increase came from a 6.1% jump in the institutional component and a 2.4% rise in the commercial component.

In spite of this however, overall planning for these types of projects is not keeping up with what Dodge Data and Analytics calls "the torrid pace set during the first half of 2018." Through the first six months of this year, the index is off 4.3% compared to the same time last year. That breaks down to a 5.2% drop in the commercial component and a 3.0% loss in the institutional component.

However, the provider of analytics and software-based workflow integration solutions for the construction industry, claims that June's better numbers affirm that the broader pullback by the index is gradual and that there are still a good of number of projects "at the planning stage to maintain stability for construction spending in the near term."

In June, there were 17 projects each with a value of $100 million or more that entered planning. The leading institutional projects were a $375 million detention facility in Mount Clemmons, Michigan, and the $360 million Dignity Health Dominican Hospital in Santa Cruz, California. The leading commercial projects were the $250 million Seaport Square office building in Boston, and a $200 million warehouse in Suffolk, Virginia.

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December 5, 2019, 6:52 am PDT

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