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Continuing a six-month stretch of growth, the Dodge Momentum Index has increased to 144.4 from its February reading of 143.2—a total increase of 0.9 percent. The index measures the first report for nonresidential building projects in planning each month.
The year’s upward trend is primarily thanks to growth in institutional projects, whose reading increased by 3.7 percent this month and is 23 percent higher than the same time last year. Commercial projects, on the other hand, have seen a slight decrease, dropping 1.2 percent for the month and 2.9 percent from last year.
In March, eight projects valued at more than $100 million entered planning, including:
- Universal Orlando Resort, valued at $200 million;
- a Clayton, Missouri, office building valued at $150 million; and
- a medical complex in Chicago, valued at $500 million.
The decreases being displayed in commercial building do not blur the index’s generally optimistic picture; it is likely they are reflections of short-term challenges unavoidable with a monthly reading. The index’s overall levels—as well as both its commercial and its institutional segments—are still well above last year’s, indicating further growth is likely.
