Nonresidential building projects entering planning returned to their solid recovery pace from early 2021 after overcoming hurdles created in the summer created by higher material prices and shortages of labor and goods, which weighed on the construction sector, according to the Dodge Momentum Index released this week.
The Index gained 11% in September to 164.9 (2,000=100) from the revised August reading of 148. The Index, issued by Dodge Construction Network, is a monthly measure of the initial report for nonresidential building projects in planning, which have been shown to lead construction spending for nonresidential buildings by a full year.
The commercial planning component increased by 13% in September, while the institutional component rose 8%.
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