Dodge Momentum Index Gains Ground in August
NEW YORK, Sept. 9, 2013 /PRNewswire/ — The Dodge Momentum Index advanced 1.4% in August to 114.2 (2000=100), according to McGraw Hill Construction, a division of McGraw Hill Financial (NYSE: MHFI). 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. The Momentum Index had essentially leveled off during June and July, following the steady gains that were reported during the first five months of 2013. With the August increase, the Momentum Index resumed its upward track, and is up 27% compared to the same month a year ago. While the overall economy remains sluggish, the prospects for commercial development continue to show improvement, as reflected by the growing volume of projects at the planning stage and such strengthening market fundamentals as occupancies and rents.
The August Momentum Index was bolstered by an upturn for its commercial segment, which climbed 3.7%. Among the larger commercial projects to enter the planning phase in August were several office buildings – a $100 million renovation to the Health and Human Services Building in Rockville MD, a $90 million office building/mixed use development in Arlington VA, and a 41-story office tower in Houston TX. The institutional segment of the Momentum Index, meanwhile, retreated 0.7% in August, marking its first monthly decline since February. Gains for amusement and healthcare projects were offset by a larger decline in plans for educational buildings.
The Dodge Momentum Index (Year 2000=100) -------------- Aug-13 Jul-13 % Change ====== ====== ======== Dodge Momentum Index 114.2 112.5 1.4% Commercial Building 101.3 97.7 3.7% Institutional Building 130.0 130.9 -0.7% Source: McGraw-Hill Construction Dodge -----------------------------------
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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: Kathy Malangone, Senior Director, Communications, McGraw Hill Construction, 212-904-4376, email@example.com
SOURCE McGraw Hill Construction