The Dodge Momentum Index increased less than one percentage point in June to 173.6 from the revised May reading of 173.1, pushing the measure to a 14-year high.
The index, issued by Dodge Construction Network, is a monthly measure of the initial report for nonresidential building projects in planning. The index is shown to lead construction spending for nonresidential buildings by a full year. In June, the commercial component of the index rose 4.1 percent, while the institutional component fell 6.2 percent.
Commercial planning in June was led by an increase in warehouse projects, while most other commercial buildings were flat. For institutional planning, a decrease in education projects in June dragged the sector lower, although health care increased. On a year-over-year basis, the index was 9 percent higher than in June 2021. The commercial component was 11 percent higher, and the institutional component was 5 percent higher than one year ago.
A total of 27 projects with a value of $100 million or more entered planning in June. The leading commercial projects were the $400 million Somerset Nevele Resort in Ellenville, New York, and the $300 million first phase of the Ten85 warehouse building in Buckeye, Arizona. The leading institutional projects were the $390 million 10 Twin Dolphin life science campus in Redwood City, California, and the $280 million expansion of the Connecticut Children’s Patient Tower in Hartford, Connecticut.
