Nonresidential Construction Spending Sees A Boost
A new indicator of construction spending for nonresidential projects was recently released and points to an increase in spending on these projects. The Dodge Momentum Index is used to measure the spending of nonresidential construction projects over a 12 month period.
According to an article on Architectural Record, one of the main elements of this new index that sets it apart from others is the fact that it takes into account many nonresidential projects that are in planning mode. Recently, the Dodge Momentum Index has marked specific trends that point towards better times for nonresidential buildings.
Commercial projects as well as institutional construction have helped the index climb in progress. Robert Murray, vice president of economic affairs for McGraw-Hill Construction, noted that the boost in spending for nonresidential construction will continue to show improvement:
“The relatively steady upward trend since the middle of last year suggests that construction spending put in place for nonresidential buildings should begin to move in a more consistently positive direction during the second half of 2012. This is good news for an industry that has been strongly hit by declines since the 2009 recession.”
We are thrilled to hear about such great news regarding the improvement of the nonresidential construction market and can’t wait to see what the future has in store. If you are interested learning more about architecture needs in Steamboat Springs, contact Vertical Arts today.
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