Dodge Momentum Index Inches Up 1% in October

(Illustration courtesy of the Dodge Construction Network)

The Dodge Momentum Index improved 1% in October to 181.7 (2000=100) from the revised September reading of 180.3, according to the Dodge Construction Network, Hamilton, N.J.

The index’s commercial real estate component rose 2% in October while the institutional component retreated 1.4%.

“Heightened momentum in warehouse planning activity supported the commercial side of the Index this month, while muted education planning activity slowed the institutional portion,” said Sarah Martin, associate director of forecasting for Dodge Construction Network. “Overall levels of planning activity remain robust and will support construction spending over the next 12 to 18 months.”

Year over year, the index was 8% lower than in October 2022. The commercial segment was down 14%, while the institutional segment was up 7%.

A total of 21 projects valued at $100 million or more entered planning in October. The largest commercial projects to enter planning included the $215 million Google Data Center in Kansas City, Mo., and the $180 million Mauna Kea Beach Hotel in Waimea, Hawaii.

The DMI measures initial reports for nonresidential building projects in planning, shown to lead construction spending for nonresidential buildings by a full year.