Nonresidential building takes a step back in July
The Dodge Momentum Index fell 4.4 percent in July following two months of gains. According to McGraw Hill Construction, which produces the index as a monthly measure of the first report for nonresidential building projects in planning, the index is still 16.5 percent higher today than it was at the same time one year ago.
McGraw Hill Construction says July’s decline was the result of a 6.8 percent drop in commercial building plans. The institutional sector fell a milder 0.6 percent.
Despite the drop, six sizeable commercial projects valued at $100 million or more entered planning in July, the firm reports. These include the $400 million 50 Hudson Yards Office Tower in New York City; the $350 million University Town Center in Sarasota, Fla.; the $319 million Consolidated Rental Car Facility at Tampa, Fla.’s international airport; the $130 million Irvine Center Office Tower in Irvine, Calif.; a $100 million hotel in Brooklyn, N.Y.; and the $100 million Akard Place Office Tower in Dallas.