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The Dodge Momentum Index, a monthly indicator of construction spending for non-residential building projects, climbed 0.5 percent to 126.1 in February.
The increase was the third consecutive month-to-month gain, as a one percent pickup by commercial planning reports overcame a slight 0.1 percent decline by institutional planning. Even though commercial planning activity is still below most 2015 levels, it has made a moderate recovery following the decline seen later in the year. Institutional planning, despite the dip in February, continues to be above last year’s levels due to the general upward trend.
Seven projects entered planning with a value that exceeded $100 million last month. Projects in the commercial building sector included an office renovation in New York City worth $190 million, a hotel and casino in Gulfport, Mississippi worth $140 million, and a $129-million mixed-use project in Long Island City, New York. A medical complex in Indianapolis, Indiana worth $500 million and a $180-million hospital in Valhalla, New York were the top institutional projects.
