Dodge Momentum Index Slips in October

NEW YORK, Nov. 7, 2013 /PRNewswire/ -- The Dodge Momentum Index slipped 0.9% in October compared to the previous month, according to McGraw Hill Construction, a division of McGraw Hill Financial (NYSE: MHFI). 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. October's decline brought the Momentum Index to 115.3 (2000=100), down from September's 116.4, although still well above the reading of 90.8 registered at the end of last year. The latest month's retreat may be just a brief departure from the broader trend, in this case the steady improvement shown by the Momentum Index from December 2012 through this September. At the same time, it may well be a sign of renewed caution on the part of developers, given the uncertainty about the political and economic environment stemming from the October government shutdown and the debt ceiling deliberations.

The October Momentum Index once again revealed divergent paths for its main parts – new plans for commercial buildings, the more cyclically sensitive of the two components, dropped 2.1% while institutional building plans held steady. On the commercial side, a large decline in plans for new offices and stores outweighed strong gains for new hotel development. New lodging projects entering the pipeline in October included the $50 million Dream boutique hotel in Dallas TX and a 250-room extended stay hotel in Florham Park NJ. The stability in institutional plans, meanwhile, was aided by a strong upturn for new healthcare projects, including $118 million for Hurricane Sandy repairs to the Bellevue Medical Center in New York NY and the $91 million Landmark Farm Colony Senior Housing Community in Staten Island NY.

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About McGraw Hill Construction: McGraw Hill Construction provides essential data, news, insights, and intelligence to better inform construction professionals' decisions and strengthen their market position. McGraw Hill Construction's data, analytics, and media businesses – Dodge, Sweets, Architectural Record, and Engineering News-Record  – create opportunities for owners, architects, engineers, contractors, building product manufacturers, and distributors to strengthen their market position, size their markets, prioritize prospects, and target and build relationships that will win more business. McGraw Hill Construction serves more than one million customers through its trends and forecasts, industry news, and leading platform of construction data, benchmarks, and analytics, including Dodge MarketShare™, Dodge BuildShare®, and Dodge SpecShare®. Construction data is available for North American and global markets. To learn more, visitwww.construction.com.

About McGraw Hill Financial:

McGraw Hill Financial (NYSE: MHFI) is a leading financial intelligence company providing the global capital and commodity markets with independent benchmarks, credit ratings, portfolio and enterprise risk solutions, and analytics. The Company's iconic brands include: Standard & Poor's Ratings Services, S&P Capital IQ, S&P Dow Jones Indices, Platts, CRISIL, J.D. Power, and McGraw Hill Construction. The Company has approximately 17,000 employees in 27 countries. Additional information is available at www.mhfi.com.

Media Contact: Kathy Malangone, Senior Director, Communications, McGraw Hill Construction, 212-904-4376, [email protected]

SOURCE McGraw Hill Construction

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