Dodge Momentum Index falls after three months of gains

The Dodge Momentum Index fell 7 percent in March to 117.4 from its revised February reading of 126.4, according to Dodge Data & Analytics.

The March decline marks the first setback for the index after three months of gains. Dodge Data reports the index has been particularly volatile the past year, increasing in seven months and dropping in five, mirroring the saw tooth pattern of growth in the overall economy.

Dodge Data adds that a steep 15 percent drop in institutional planning likely caused the decline for the index. Despite the stark retreat, institutional planning activity is 7 percent above its level of March 2015, while commercial planning is down 4 percent from last year. The overall index is about even with its level one year ago.

In March, Dodge Data says seven projects entered planning with a value that exceeded $100 million. For the commercial building sector, the leading projects were a $500 million shopping center in Los Angeles and a $113 million mixed-use building in Maspeth, N.Y. For the institutional building sector, the leading projects included a $140 million hospital in Norfolk, Va., and a $135 million hospital in Santa Fe, N.M.

The Dodge Momentum Index is a monthly measure of the first report for nonresidential building projects in planning. Dodge Data & Analytics provides data, analytics, news and intelligence for the North American construction industry.