NEW YORK CITY—The Dodge Momentum Index, which represents the initial report on nonresidential projects in planning, rose in October after declining for the past four months, Dodge Data & Analytics said Tuesday. With the year 2000 as the benchmark of 100, the index rose 13.2% to 130.9 from the revised September reading of 115.6.
October's gain nearly erased the erosion of prior months, including the 7.9% decline posted in September. From September to October, the commercial portion of the Momentum Index advanced 16.8%, while the institutional portion grew 8.3%, according to Dodge.
On a year-over-year basis, the index is now 6.1% higher, with the commercial portion up 5.5% and the institutional portion up 6.9%. Dodge says the increase recorded for last month supports the premise that building activity has further room to grow during this cycle. Although month-to-month activity could continue to be volatile, the firms says there are enough projects in the pipeline to sustain growth into 2018.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
