NEW JERSEY – The Dodge Momentum Index fell 2.6% in November to 123.3 (2000=100) from the revised October reading of 126.5. 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 fell 4.4%, while the commercial component lost 1.6%.
Since the expiration of support programs in the CARES Act, the economy has struggled to maintain traction and in its wake planning for nonresidential building projects has slowed. As the next wave of COVID-19 infections quickly approaches economic growth and job gains will ease further. Additionally, uncertainty over the potential for further federal stimulus has significantly complicated the recovery and will continue to negatively impact nonresidential building throughout the planning and construction processes.
In November, nine projects each with a value of $100 million or more entered planning. The leading institutional projects were the $320 million modernization of Jefferson High School in Portland OR and a $235 million lab project at Schuylkill Yards in Philadelphia PA. The leading commercial projects were a $300 million commercial development on 5th Ave in New York NY and a $300 million warehouse project in Pittsburgh PA.
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.