Leading Index for Commercial Real Estate increases in July

From Dodge Data Analytics: Dodge Momentum Index Moves Higher In July

The Dodge Momentum Index (DMI) increased 2.9% in July to 178.7 from the revised June figure of 173.6.

The Momentum Index, issued by Dodge Construction Network, is a monthly measure of the initial report for nonresidential building projects in planning. The index is shown to lead construction spending for nonresidential buildings by a full year. In July, the commercial component of the Momentum Index rose 5.5%, while the institutional component fell 2.0%.

Commercial planning in July was led by an increase in data center, office and warehouse projects, while fewer education and healthcare projects drove the institutional component lower. Compared to July 2021, the Momentum Index was 8%. The commercial component was 15% higher, while the institutional component was 3% lower than a year ago.July 2021.
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This graph shows the Dodge Momentum Index since 2002. The index was at 178.7 in July, up from 173.6 in June.

According to Dodge, this index leads "construction spending for nonresidential buildings by a full year".  This index suggested a decline in Commercial Real Estate construction through most of 2021, but a solid pickup this year and into 2023.