Dodge Momentum Index improves in July
The Dodge Momentum Index climbed 8.1 percent in July after retreating a revised 2.4 percent in June, according to McGraw-Hill Construction, a division of The McGraw-Hill Companies. The Momentum Index is a monthly measure of the first (or initial) report for nonresidential building projects in planning.
The Momentum Index for July came in at 98.8, up from June's revised level of 91.4. Although further increases in the index would be needed to suggest a true rebound in construction, this month's gain could be considered a first step in that direction, MHC officials said, in an Aug. 7 release.
Both the commercial and institutional components of the Dodge Momentum Index rose in July. The institutional building segment of the Momentum Index advanced 9.0 percent in July after a sharp 11.2 percent decline in June. An uptick in new planning projects for education buildings (+5.8 percent) aided the gain in institutional building, although two new hospitals (one in Connecticut and one in California) dominated the projects entering planning. The commercial building segment of the Momentum Index climbed 7.3 percent in June, even stronger than last month's revised 6.7 percent improvement. Commercial building was helped by a small 2.5 percent gain in new plans for office projects, according to the McGraw-Hill Construction release.