The Dodge Momentum Index climbed 13.9 percent to 149.5 in November, compared with the October reading of 131.3, reports Dodge Data & Analytics.
The November increase represented the second month of strong gains after a four-month period of softness. The gain can mainly be attributed to healthy gains in both the commercial and institutional sectors.
In November, 21 projects with a value of $100 million or more entered planning. For the commercial building sector, the largest projects included a $300 million mixed-use facility containing two hotels at Atlanta’s Hartsfield-Jackson Airport and a $230 million Hayden Avenue Life Sciences office campus in Lexington, Massachusetts.
For the institutional sector, the leading projects were a $200 million project that will provide additions and alterations for several schools within the Uniondale School District in New York.
On a year-over-year basis, the Dodge Momentum Index is now nearly 21 percent higher, with the commercial portion up 24 percent and the institutional side up 17 percent. According to Dodge Data & Analytics, the turnaround in October and November suggests building activity should continue to expand in 2018.
The Dodge Momentum Index 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. Dodge Data & Analytics is a provider of analytics and software-based workflow integration solutions for the construction industry.