The Dodge Momentum Index fell 5.1 percent in January to 143.7 from December’s revised score of 151.5. On a year-over-year basis, the index gained 7.7 percent.
The Dodge Momentum Index, published by Dodge Data & Analytics, is a monthly measure of the first (or initial) report for nonresidential building projects in planning, which has been shown to lead construction spending for nonresidential buildings by a full year.
The commercial construction component dragged down the index in January with a drop of 7.8 percent. The institutional planning component inched down 0.9 percent.
“The fourth quarter of 2017 was particularly strong for the Momentum Index, and January’s retreat returns it to a more sustainable level,” wrote Dodge Data & Analytics. The 7.7 percent gain in the year-over-year index, said Dodge, suggests that nonresidential construction should continue to post moderate gains in 2018.
Five projects with a value of $100 million or more entered the planning stage in January. The leading commercial project was a $200 million office building in Boston. The leading institutional project was a $440 million water park in Branson, Mo.
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