The Dodge Momentum Index fell 4 percent in November to 171.7, down from the revised October reading of 178.1. In November, U.S. commercial planning fell 8 percent while institutional planning moved 5 percent higher.

The index remains near a 14-year high. Compared with November 2020, the index was 44 percent higher in November 2021. The commercial planning component was 45 percent higher, and institutional was 41 percent higher.

A total of 10 projects with a value of $100 million or more entered planning in November. The leading commercial projects were a $240 million Seefried Industrial Properties warehouse in Mesa, Arizona, and a $158 million Prologis warehouse in Lebanon, Tennessee. The leading institutional projects were the $450 million Wake Forest Baptist Medical Center in Winston-Salem, North Carolina, and the $241 million Hoboken High School in Hoboken, New Jersey.

The momentum index, issued by the 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.