NEW JERSEY – May 7, 2020 – The Dodge Momentum Index moved 6.0% lower in April to 135.9 (2000=100) from the revised March reading of 144.5. 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. Both components of the Momentum Index pulled back during the month – the commercial component fell 7.6%, while the institutional component dropped 3.2%.
COVID-19 (Coronavirus) had a significant negative impact on the economy in April, touching virtually all sectors — including construction. Planning activity clearly downshifted, although that downshift has not been fully realized in the published index since the Momentum Index is a three-month moving average. This sets the stage for an even weaker reading when the May data is released in June.
In April, six projects each with a value of $100 million or more entered planning. The leading commercial projects were a $380 million office building in San Jose CA and the $100 million Dream Hotel in Las Vegas NV. The leading institutional projects were a $365 million medical building in Houston TX and the $100 million Harrisburg University Health Science Education Center in Harrisburg PA.
Dodge Data & Analytics COVID-19 (Coronavirus) Resources: https://www.construction.com/toolkit
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, seize 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.
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