Construction Momentum Slows
The Dodge Momentum Index fell 1.3% in June, according to Dodge Data & An- alytics. The Momentum Index is a monthly measure of the first report for non-residential building projects in plan- ning, which have been shown to lead con- struction spending for non-residential buildings by a full year. With the June decline, the Index continued its lackluster performance thus far in 2015, and is now up just 2.2% compared to June 2014. Commercial building posted the biggest loss of momentum, sliding 2.6% in June. At the same time, real estate mar- ket fundamentals remain favorable and are expected to support a pickup in new plans for commercial buildings later this year. The institutional building sector edged up 0.6% in June, and is now 10.1% above a year ago. In the commercial building sector, there were three projects that exceeded $100 million: the 128-million Alexander Court office addition and renovation in Washington D.C., the 110-million Wharf InterContinental Hotel, also in Washington, and a $108-million warehouse in Boiling Springs, PA.
N.C. Transportation Bond Takes Shape
The North Carolina legislature is considering offering the state’s voters a $2.8-billion bond proposal for facilities, infrastructure, and transportation projects. The plan would allocate $2.46 billion for infrastructure projects such as state-owned parks, National Guard facilities, public schools, and water and sewer projects. The remaining $400 million will go to transportation projects, complemented by $1.3 billion in funding derived by ending annual transfers from the state’s highway fund to other uses.
Companies CMD and iSqFt To Merge
iSqFt and CMD Group announced Aug. 4 that the companies have merged. “CMD has established an excellent track record, providing high-quality data, information and insights to the construction industry across North America,” says Dave Conway, president and CEO of iSqFt, who will also serve as the CEO of the combined companies. CMD, formerly Reed Construction, is owned by Warburg Pincus, a private equity firm, which will continue to be a shareholder in the new company.