Steel Markets

Dodge: Nonresidential Building Projects Increase

Written by Sandy Williams

The Dodge Momentum Index gained 2.9 percent in November to register 155.3. The monthly index measures the first report for nonresidential building projects in planning, which has been shown to lead construction spending by a full year.

November’s increase was primarily due to a 6.5 percent increase in the institutional building index. The commercial component of the index increased 0.7 percent.

“The overall Momentum Index has staged somewhat of a resurgence over the last few months increasing nearly 15 percent from its lowest point earlier in the year,” said Dodge Data & Analytics. “In fact, it is currently flirting with a new cyclical high. The month-to-month planning data continues to be lumpy in nature as the presence or absence of large projects leads to greater volatility. Nevertheless, the underlying trend of the Momentum Index continues to suggest that construction activity in 2020 will not crater but will moderately ease relative to this year’s level.”

Six projects valued at $100 million or more entered the planning phase in November.

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