Dodge Momentum Index Inches Up 1% in October
The Dodge Momentum Index (DMI), issued by Dodge Construction Network, increased 1% in October to 181.7 from the revised September reading of 180.3. Over the month, the commercial component of the DMI rose 2%, while the institutional component retreated 1.4%.
Findings of the latest DMI
Improvements in warehouse planning helped support commercial growth, but despite strong progress in September, education and healthcare activity slowed down this month. Year over year, the DMI was 8% lower than in October 2022. The commercial segment was down 14%, while the institutional segment was up 7%.
A total of 21 projects valued at $100 million or more entered planning in October. The largest commercial projects to enter planning included the $215 million Google Data Center in Kansas City, Missouri, and the $180 million Mauna Kea Beach Hotel in Waimea, Hawaii. The largest institutional projects to enter planning included the $400 million Grand Sierra Resort Arena in Reno, Nevada, and the $267 million renovation to Keller Auditorium in Portland, Oregon.
Contractors Are Addressing Safety and Health Issues, But They Can Do More
Research findings released today indicate construction contractors continue to make progress responding to issues affecting worker safety and health, such as heat and mental health, but many areas for improvement remain.
The new study, Safety Management in the Construction Industry 2023 SmartMarket Report, examines occupational safety and health challenges across the industry and shines a light where more effort is needed. It was conducted by Dodge Construction Network (DCN), the industry-leading source of construction data and insight, and CPWR, a nonprofit dedicated to reducing occupational injuries, illnesses and fatalities in construction. Read more…
US Census Bureau
MONTHLY CONSTRUCTION SPENDING, SEPTEMBER 2023
The U.S. Census Bureau announced the following value put in place construction
statistics for September 2023:
Total Construction
Construction spending during September 2023 was estimated at a seasonally adjusted annual rate of $1,996.5 billion, 0.4 percent (±1.2 percent)* above the revised August estimate of $1,988.3 billion. The September figure is 8.7 percent (±1.8 percent) above the September 2022 estimate of $1,836.9 billion. During the first nine months of this year, construction spending amounted to $1,463.5 billion, 4.6 percent (±1.2 percent) above the $1,398.9 billion for the same period in 2022.
Architecture Billings Index
ABI October 2023: Business conditions continue to soften at architecture firms
On average, firms project a slight increase in net revenue this year, and a slight decline in 2024
Business conditions at architecture firms continued to soften in October, with the AIA/Deltek Architecture Billings Index (ABI) score declining to 44.3, as more firms reported decreasing firm billings than in September. In addition, indicators of future work in the pipeline stumbled as well, as firms reported a decline in inquiries into new projects for the first time since July 2020, and the value of newly signed design contracts softened for the third consecutive month. These signs mean that not only are billings declining at firms, but that fewer clients are exploring and committing to new projects, which could affect future billings as well.
Billings were universally soft across the entire country in October, with firms located in the West and Northeast continuing to report the softest conditions overall for the second month in a row. The pace of the decline remained slower at firms located in the Midwest and South but marked the third and fourth consecutive month of declines, respectively. By firm specialization, billings declined only modestly at firms with an institutional specialization, but business conditions remained extremely weak at firms with a multifamily residential specialization, and continued to soften significantly at firms with a commercial/industrial specialization.
