The Dodge Momentum Index, a monthly measure of the initial report for nonresidential building projects in planning, increased 1.5% in December to 156.2 (the November reading was revised to 153.9). Issued by Dodge Data & Analytics, the index has been shown to lead construction spending for nonresidential buildings by a full year.

 

Both components of the index grew over the month, led by institutional, which registered a rise 2.3%. The commercial component chipped in with almost 1% growth.

In year-to-year numbers, the 2019 Momentum Index finished with an average of 141.9, which is a drop of 3.7% from 2018. By component, commercial averaged 2.3% down from last year and institutional was off 5.9%. 2019's "slip in the dollar value of projects entering planning suggests that construction spending for nonresidential buildings could see a setback in the year to come," according to the construction data analytics firm. They do note however, that the Momentum Index ended the year "on a high note indicating that a decline in 2020 construction is likely to be modest in nature."

In December, 13 projects each with a value of $100 million or more entered planning.