NEW YORK September 8, 2016, The Dodge Momentum Index grew 1.3% in August to 134.9 (2000=100), from its revised July reading of 133.2. 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. The move higher in August was the result of a 1.7% increase from July for institutional planning as well as a 1.0% gain for commercial planning. August is the fifth consecutive month that the Momentum Index has increased, marking the longest such streak since the end of 2012 into 2013. The Momentum Index is currently 16% above the same month a year ago, reflecting this growth by major sector – institutional planning up 22% and commercial planning up 11%. That both sectors are showing such improvement suggests that developers are shrugging off sluggish economic data and the uncertainty surrounding the November elections, and moving ahead with plans for new projects.
In August, 14 projects entered planning each with a value that exceeded $100 million. For the commercial building sector, the leading projects were a $400 million expansion to the Resorts World Hotel & Casino in Las Vegas NV and a $312 million Place Station Hotel tower also in Las Vegas NV. The leading institutional projects were a $260 million education complex in Thompson NY and a $160 million expansion and renovation of the Lakeland Medical Center in Saint Joseph MI.
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