Press Release
Dodge Momentum Index Rises in NovemberNEW YORK –December 6, 2013 – The Dodge Momentum Index rose 2.8% in November compared to the previous month, 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. November’s increase brought the Momentum Index to 117.9 (2000=100), as it regained upward movement after pausing in October. The latest month was the highest reading for the Momentum Index since March 2009, although the current level is still well below the peak readings back in 2007 (when the Momentum Index averaged 183). The November upturn in plans for new construction may be a sign that October’s uncertainty over the budget and debt ceiling impasse is now easing – at least until those issues are raised again in January and February.The November increase in the Momentum Index was driven by gains for both its commercial and institutional components. On the commercial side, the increases were widespread by project type, with the largest boost coming from a sharp gain in retail development. New retail projects entering the pipeline in November included a $278 million retail and entertainment center in Philadelphia PA, a $100 million retail and condominium project in Alameda CA, and a $50 million retail and apartment development in Sterling VA. The increase in institutional plans was helped by a significant gain for education-related buildings, the largest of which were a $100 million Wilson Pacific Elementary and Middle School Campus in Seattle WA, an $84 million Science and Health Professions Building at Hunter College in New York NY, and a $61 million renovation/expansion to a high school in San Clemente CA.
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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:
Kathy Malangone, Senior Director, Communications:
McGraw Hill Construction, 212-904-4376, kathy.malangone@mhfi.com
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