Since the start of 2017, every single month gets better and better for the construction industry. We’ve been sharing the information we come across with our Strong Man readers and now we want you to know about our latest finding: the increase in the Dodge Momentum Index.
For those who aren’t familiar, the Dodge Momentum Index measures, tracks, and reports non-residential building projects in planning. This information is then used for a variety of applications but, for us, it shows how the non-residential sector is performing on a month-to-month basis. The news is great: the Dodge Momentum Index rose 1.6% in February to 144.0 from its revised January reading of 141.7.
A 4.4% increase in institutional planning contributed to the bump in the momentum index, while commercial planning took a slight dip. Only four projects were responsible for the increase, but their dollar values are staggering: the leading projects were a $100 million hospital in Westampton, NJ and a $100 million military barracks in Great Lakes IL. The leading commercial projects were a $470 million hotel in Nashville TN and a $130 million hotel and shopping center in La Puente CA.
This marks five consecutive months of growth for the non-residential side of the construction industry. The data also supports an overall rising trend. On a year-over-year basis, the Momentum Index is 22% higher, with commercial planning up 28% and institutional planning moving 15% ahead of last year. More growth means more work and more opportunities, but the need to stay safe on every project also rises.
Jobsite safety isn’t just a requirement; it leads to higher productivity and a better quality of work. Reduce the risks with Strong Man Safety Products. We have the right products to help your jobsite thrive. For a wide variety of safety applications, choose our SBN-22 Safety Debris Netting. Or, if you need the right wrap for your scaffolding, check out our D12 Strong Wrap. If you’re just not sure, just contact us and we’ll be happy to help.
The industry is getting busy. Be strong with Strong Man!