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The Dodge Momentum Index dropped 2.6% in September to 159.5 (2000=100) from the revised August reading of 163.7. 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.
Both components of the Momentum Index were lower in September; the commercial component fell 4.3%, while the institutional component lost 0.1%. The Momentum Index has now fallen for two consecutive months; however, due to a very strong reading in July it increased 0.8% from the second quarter to the third quarter.
In September, 12 projects each with a value of $100 million or more entered planning. The two leading institutional projects were a $175 million research lab in Waltham MA and the $150 million Creighton University Medical School building in Phoenix AZ. The leading commercial projects were a $116 million warehouse in New Castle DE and a $100 million mixed-use commercial building in Los Angeles CA.