Dodge Momentum Index Up 2% in May
The Dodge Momentum Index gained 2 percent in May to 125.2, following April’s strong rebound. The 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, according to McGraw Hill Construction.
After weather-induced declines in February and March, the Dodge Momentum Index seems to have resumed its upward track. The index is now 17.6 percent higher than a year earlier.
Commercial projects increased 4.5 percent during the month. However, institutional projects declined 1.3 percent.