The Dodge Momentum Index fell 2.7% in January to 152.5 (2000=100) from the revised December reading of 156.7, snapping a four-month streak of gains.
The Momentum Index, issued by Dodge Data & Analytics, 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 the overall Momentum Index was the result of an 11.0% drop in the institutional component, more than offsetting a 2.7% gain in the commercial component.
A similar pattern exists when comparing year-over-year growth in the components of the Index. The institutional component was down 7.4% when compared to January 2019 while the commercial component was 17.4% higher than a year ago. These conflicting trends pushed the overall Momentum Index up 7.1% from January 2019.
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In January, ten projects each with a value of $100 million or more entered planning. The leading commercial projects were a $200 million parking garage in the Bronx NY and the $160 million first phase of the Palomino Business Park in Norco CA. The leading institutional projects were the $500 million Good Samaritan Hospital expansion in West Islip NY and the $250 million Anschutz Medical Campus in Aurora CO.
About Dodge Data & Analytics:Dodge Data & Analytics is North America’s leading provider of analytics and software-based 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 and execute on those opportunities for enhanced business performance. Whether it’s on a local, regional or national level, Dodge makes the hidden obvious, empowering its clients to better understand their markets, uncover key relationships, size growth opportunities, and pursue those opportunities with success. The company’s construction project information is the most comprehensive and verified in the industry. Dodge is leveraging its 100-year-old legacy of continuous innovation to help the industry meet the building challenges of the future. To learn more, visit www.construction.com.
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