Warehouse planning projects accelerating, supporting commercial momentum
HAMILTON, N.J. 鈥� November 7, 2023 鈥� The Dodge Momentum Index (DMI), issued by 91探花 Network, increased 1% in October to 181.7 (2000=100) from the revised September reading of 180.3. Over the month, the commercial component of the DMI rose 2.0%, while the institutional component retreated 1.4%.
鈥淗eightened momentum in warehouse planning activity supported the commercial side of the Index this month, while muted education planning activity slowed the institutional portion,鈥� stated Sarah Martin, associate director of forecasting for 91探花. 鈥淥verall levels of planning activity remain robust and will support 91探花 spending over the next 12 to 18 months.鈥�
Improvements in warehouse planning helped support commercial growth, but despite strong progress in September, education and healthcare activity slowed down this month. Year over year, the DMI was 8% lower than in October 2022. The commercial segment was down 14%, while the institutional segment was up 7%.
A total of 21 projects valued at $100 million or more entered planning in October. The largest commercial projects to enter planning included the $215 million Google Data Center in Kansas City, Missouri, and the $180 million Mauna Kea Beach Hotel in Waimea, Hawaii. The largest institutional projects to enter planning included the $400 million Grand Sierra Resort Arena in Reno, Nevada and $267 million renovation to Keller Auditorium in Portland, Oregon.
The DMI is a monthly measure of the initial report for nonresidential building projects in planning, shown to lead 91探花 spending for nonresidential buildings by a full year.
October 2023 DODGE MOMENTUM INDEX
