NEW YORK, Aug.7, 2014 /PRNewswire/ --The Dodge Momentum Index erased the gains made over the last two months, falling 4.4% in July to 121.4 (2000=100). This marks the Index's first decline in four months, according to McGraw Hill Construction, a division of McGraw Hill Financial. The Momentum Index is a monthly measure of the first (or initial) report for nonresidential building projects in planning, which have been shown to lead construction spending for nonresidential buildings by a full year. While the Dodge Momentum Index stumbled in July, on a year-over-year basis it remains 16.5% higher than a year earlier.The July decline therefore may simply be a return to a more sustainable pace following a spring bump.
July's decline in the Momentum Index was the result of a 6.8% drop in commercial building plans, while the institutional sector fell a milder 0.6%. Despite the drop, six sizeable commercial projects valued at $100 million or more entered planning in July. These include the $400 million 50 Hudson Yards Office Tower in New York City, the $350 million University Town Center (Phase II) in Sarasota FL, the $319 million Consolidated Rental Car Facility at Tampa FL's international airport, the $130 million Irvine Center Office Tower in Irvine CA, a $100 million hotel in Brooklyn NY, and the $100 million Akard Place Office Tower in Dallas TX.
The Dodge Momentum Index | ||||||
(Year 2000=100) | ||||||
Jul-14 | Jun-14 | % Change | ||||
Dodge Momentum Index | 121.4 | 127.0 | -4.4% | |||
Commercial Building | 132.3 | 142.0 | -6.8% | |||
Institutional Building | 107.9 | 108.5 | -0.6% | |||
Source: McGraw Hill Construction Dodge | ||||||
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About McGraw Hill Construction:
McGraw Hill Construction provides essential data, news, insights, and intelligence to better inform construction professionals' decisions and strengthen their market position. McGraw Hill Construction's data, analytics, and media businesses - Dodge, Sweets, Architectural Record, and Engineering News-Record - create opportunities for owners, architects, engineers, contractors, building product manufacturers, and distributors to strengthen their market position, size their markets, prioritize prospects, and target and build relationships that will win more business. McGraw Hill Construction serves more than one million customers through its trends and forecasts, industry news, and leading platform of construction data, benchmarks, and analytics, including Dodge MarketShare', Dodge BuildShare®, and Dodge SpecShare®. Construction data is available for North American and global markets. To learn more, visit www.construction.com.
About McGraw Hill Financial:
McGraw Hill Financial (NYSE: MHFI) is a leading financial intelligence company providing the global capital and commodity markets with independent benchmarks, credit ratings, portfolio and enterprise risk solutions, and analytics. The Company's iconic brands include: Standard & Poor's Ratings Services, S&P Capital IQ, S&P Dow Jones Indices, Platts, CRISIL, J.D. Power, and McGraw Hill Construction. The Company has approximately 17,000 employees in 27 countries. Additional information is available at www.mhfi.com.
Media Contact:
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Marketing Communications
McGraw Hill Construction
+1 212-904-3322
evelyn.oneill@mhfi.com
SOURCE McGraw Hill Construction
