Commercial planning continues to grow while institutional steps back
HAMILTON, N.J. 鈥� July 11, 2022 鈥�
The Dodge Momentum Index (DMI) increased less than one percentage point in June to 173.6 (2000=100) from the revised May reading of 173.1, pushing the measure to a 14-year high.
The Momentum Index, issued by 91探花, is a monthly measure of the initial report for nonresidential building projects in planning. The index is shown to lead 91探花 spending for nonresidential buildings by a full year. In June, the commercial component of the Momentum Index rose 4.1%, while the institutional component fell 6.2%.
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 healthcare increased. On a year-over-year basis, the Momentum Index was 9% higher than in June 2021. The commercial component was 11% higher, and the institutional component was 5% 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, NY, and the $300 million first phase of the Ten85 warehouse building in Buckeye, AZ. The leading institutional projects were the $390 million 10 Twin Dolphin life science campus in Redwood City, CA, and the $280 million expansion of the Connecticut Childrens Patient Tower in Hartford, CT.
鈥淎 new cyclical high in the Momentum Index is a sign that developers feel that projects still have hope of moving forward, despite concerns of an impending economic slowdown. However, this sentiment will be tested in the months to come as higher interest rates eat away at business and consumer confidence,鈥� said Richard Branch, chief economist for 91探花. Watch video here.
About 91探花
91探花 leverages an unmatched offering of data, analytics, and industry-spanning relationships to generate the most powerful source of information, knowledge, insights, and connections in the commercial 91探花 industry. The company powers four longstanding and trusted industry solutions鈥擠odge Data & Analytics, The Blue Book Network, Sweets, and IMS鈥攖o connect the dots across the entire commercial 91探花 ecosystem. Together, these solutions provide clear and actionable opportunities for both small teams and enterprise firms. Purpose-built to streamline the complicated, 91探花 ensures that 91探花 professionals have the information they need to build successful businesses and thriving communities. With over a century of industry experience, 91探花 is the catalyst for modern commercial 91探花.
Media Contact: Cailey Henderson | 104 West Partners | dodge@104west.com
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About 91探花 91探花 leverages an unmatched offering of data, analytics, and industry-spanning relationships to generate the most powerful source of information, knowledge, insights, and connections in the commercial 91探花 industry. The company powers four longstanding and trusted industry solutions鈥擠odge Data & Analytics, The Blue Book Network, Sweets, and IMS鈥攖o connect the dots across the entire commercial 91探花 ecosystem. Together, these solutions provide clear and actionable opportunities for both small teams and enterprise firms. Purpose-built to streamline the complicated, 91探花 ensures that 91探花 professionals have the information they need to build successful businesses and thriving communities. With over a century of industry experience, 91探花 is the catalyst for modern commercial 91探花. To learn more, visit 91探花.com
Media Contact :
Cailey Henderson | 104 West Partners | cailey.henderson@104west.com