The Dodge Momentum Index regained traction in October, climbing to 125.5 for the month. The Index, which had declined in each of the previous three months, was up 7.6 percent from September’s reading of 116.6, according to Dodge Data & Analytics.
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 increase in October returns the Index to the rising trend seen during the first half of this year. It now stands 18 percent above last year.
According to Dodge, the October rise in the Momentum Index was the result of greater planning activity for its two main segments—institutional building, up 8.8 percent for the month; and commercial building, up 6.8 percent. There were six commercial building projects exceeding $100 million that entered into planning during the month, led by the $200 million Potomac Yard Office Building in Alexandria, Va., and the $200 million Waterfront Office Development in Austin, Texas.