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The Dodge Momentum Index increased 0.5% in February to 146.9 (2000=100) from the revised January reading of 146.2. 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 move higher in February was the result of an 8.2% increase in the institutional component, while the commercial component contracted 4.8%.
In February, 16 projects each with a value of $100 million or more entered planning. For the institutional sector, the leading projects were the $450 million MSG Sphere Arena in Las Vegas NV and the $412 million St. Jude’s Children’s Hospital Research Center in Memphis TN. The leading commercial projects were the $280 million first phase of the Sentinel Data Center in Sterling VA and a $150 million mixed-use project in San Jose CA.