HAMILTON, N.J.--(BUSINESS WIRE)--The Dodge Momentum Index rose 7.1% in February to 149.0 (2000=100) from the revised January reading of 139.1. 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 institutional component of the Momentum Index jumped 26.3% during the month, while the commercial component was essentially flat.
February’s Momentum Index marked the highest levels in nearly three years as a result of a surge in large projects that entered planning. It remains to be seen if this level of activity, especially in the institutional sector, is sustainable given the tenuous economic recovery and rising material prices. Institutional planning projects in February were concentrated in large hospitals and labs, while commercial planning projects primarily included data centers, warehouses, and office projects. Compared to a year ago, the overall Momentum Index was up 9.2%; the commercial component was 15.2% higher, while the institutional component was down 3.3%
Over the course of the month, 14 projects entered planning - each with a value of $100 million or more. The leading institutional projects were the $230 million University of Iowa Hospital in North Liberty IA and the $190 million Ultra Labs Life Sciences building in Philadelphia PA. The leading commercial projects were two data centers in Catlett VA each with a value of $135 million.
About Dodge Data & Analytics: 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.