Momentum Index up in February

The Dodge Momentum Index increased 0.5 percent in February to 126.1 from its revised January reading of 125.5. February’s increase was the third straight month-to-month gain, as a 1-percent increase in commercial planning overcame a slight 0.1-percent dip in institutional work.

DMI-Feb-2016The index is a monthly measure of the first report for nonresidential building projects in planning, which have been shown to lead construction spending for nonresidential buildings by a full year.

Commercial planning has made a moderate recovery following the decline of late-2015, while institutional continues the upward trend it 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, a $140 million hotel and casino in Gulfport, Miss., and a $129 million mixed-use project in Long Island City, N.Y. For the institutional building sector, the leading projects were a $500 million medical complex in Indianapolis and a $180 million hospital in Valhalla, N.Y.

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