NEW YORK – April 7, 2016 – The Dodge Momentum Index fell 7% in March to 117.4 from its revised February reading of 126.4 (2000=100). 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 decline in March is the first setback for the Index following three months of gains. Over the last 12 months the Index has been particularly volatile, increasing in seven months and dropping in five, mirroring the saw tooth pattern of growth in the overall economy. The March decline for the Index was due primarily to a steep 15% drop by institutional planning, while commercial planning fell less than one percent. Despite its stark retreat, institutional planning activity is 7% above its level in March 2015, while commercial planning is down 4% from last year. The overall Index is essentially even with its year-ago level.
In March, seven projects entered planning with a value that exceeded $100 million. For the commercial building sector, the leading projects were a $500 million shopping center in Los Angeles CA and a $113 million mixed-use building in Maspeth NY. For the institutional building sector, the leading projects were a $140 million hospital in Norfolk VA and a $135 million hospital in Santa Fe NM.
: Dodge Data & Analytics is North America’s leading provider of commercial construction project data, market forecasting & analytics services and workflow integration solutions for the construction industry. Building product manufacturers, architects, engineers, contractors, and service providers leverage Dodge to identify and pursue unseen growth opportunities that help them grow their business. On a local, regional or national level, Dodge empowers its customers to better understand their markets, uncover key relationships, size growth opportunities, and pursue specific sales opportunities with success. The company’s construction project information is the most comprehensive and verified in the industry. Dodge is leveraging its more than 125-year-old legacy of continuous innovation to help the industry meet the building challenges of the future. Learn more at www.construction.com.
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Greg Gies | Dodge Data & Analytics | Director Product Marketing | firstname.lastname@example.org
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