Dodge Data & Analytics will unveil its much-anticipated construction industry forecast at the 79th annual Dodge Construction Outlook Executive Conference, November 1-2, 2017 at the Swissôtel.
Read MoreThe decline in August can be attributed to an 8.7% drop in the commercial component of the Dodge Momentum Index, while the institutional component rose 7.3%.
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The value of new construction starts in July advanced 6% from the previous month to a seasonally adjusted annual rate of $728.1 billion, it was reported by Dodge Data & Analytics.
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This month continues a recent trend of volatility in the Momentum Index where a string of gains is interrupted by a step backwards in planning intentions.
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During the first half of 2017, eight of the top ten metropolitan markets for commercial and multifamily construction starts ranked by dollar volume registered decreased activity compared to a year ago, according to Dodge Data & Analytics. At the same time, metropolitan markets ranked 11 through 20 showed growth for nine of the ten markets, as smaller geographic areas are picking up the slack from the deceleration underway in those cities that have led the commercial and multifamily upturn over the past several years.
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New construction starts in June grew 4% from the previous month to a seasonally adjusted annual rate of $679.9 billion, according to Dodge Data & Analytics. Nonresidential building increased 13% in June, strengthening after two months of lackluster activity, and the nonbuilding construction sector rose 8% with the help of elevated activity for electric utilities. However, residential building slipped 4% in June, as both sides of the housing market (single family and multifamily) retreated.
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“While May revealed slight improvement over April, the pace of expansion so far this spring has generally slowed following the elevated activity in the first quarter,” stated Robert A. Murray, chief economist for Dodge Data & Analytics.
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Following a dip in April, the Dodge Momentum Index advanced 4.0% in May to 139.1 (2000=100) from its revised April reading of 133.7. 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.
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“Probably even better news for the construction outlook is that new project work coming into architecture firms has seen exceptionally strong growth so far this year,” said AIA Chief Economist, Kermit Baker, Hon. AIA, PhD. “In fact, new project activity has pushed up project backlogs at architecture firm to their highest level since the design market began its recovery earlier this decade.”
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April’s decline was due to a 12.0% drop for the institutional component of the Momentum Index, while the commercial component rose a meager 0.1%. Since early 2016, the Momentum Index has gained substantial ground, albeit in a saw-tooth pattern, increasing by over 20% through March this year.
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