Dodge Momentum Index remains strong in May

The Dodge Momentum Index, which measures the first report for nonresidential building projects being planning, gained 2 percent in May compared with April’s strong figures, says McGraw Hill Construction.

The index is on an upswing following the downward trend shown in February and March for which the weather was to blame.

The index is now 17.6% higher than a year earlier, with the May index at 125.2 and a strong rebound in April.

May’s figures got a boost from a 4.5 percent monthly gain in commercial planning projects, however a 1.3 percent drop in institutional plans tempered the month’s gain.

Planning began in May for such large commercial projects as the $500 million Rainier Square Mixed Use tower in Seattle, Wash.; a $200 million commercial warehouse at Goodman Commerce Center in Eastvale, Calif., and a $100 million office building for Overstock.com in Midvale, Utah.

Large institutional projects entering the planning stages in May included include a $200 million addition and modernization for Mount Sinai Medical Center in Queens, N.Y., the new $145 million St. Clair Commons Health/Quality of Life Campus in St. Clairsville, Ohio.