Architectural Record 2015-02
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32<br />
ARCHITECTURAL RECORD FEBRUARY <strong>2015</strong><br />
perspective stats<br />
Data from Dodge Data & Analytics<br />
Renovation Starts by Region<br />
In addition to U.S. total and <strong>2015</strong> forecast figures<br />
NORTHEAST MIDWEST SOUTH WEST TOTAL U.S. FORECAST<br />
$BILLION<br />
50<br />
40<br />
30<br />
MARKET FOCUS<br />
RENOVATION<br />
The renovation market is relatively immune to economic<br />
ups and downs with fairly stable performance in both good<br />
times and bad. For the coming year, the value of renovation<br />
construction starts is expected to grow 6%, to $45.3 billion.<br />
Top Metro-Area Markets<br />
Ranked by total renovation starts<br />
1/2013 through 11/2014<br />
1 NEW YORK CITY 12,904<br />
2<br />
3<br />
4<br />
5<br />
REGION<br />
$MILLIONS<br />
CHICAGO 3,672<br />
LOS ANGELES 3,245<br />
WASHINGTON, D.C. 2,619<br />
BOSTON 2,548<br />
20<br />
10<br />
0<br />
05 06 07 08 09 10 11 12 13 14 15<br />
Queens Museum, Grimshaw and Ammann & Whitney, New<br />
York City (architectural record February 2014, page 72).<br />
The Dodge Index for Renovation<br />
Construction 11/2013–11/2014<br />
250<br />
200<br />
150<br />
100<br />
50<br />
0<br />
INDEX (2003 = 100)<br />
N D J F M A M J J A S O N<br />
2013 2014<br />
The index is based on data for renovation starts that have not been seasonally<br />
adjusted. The average dollar value of projects in 2003 serves as the index baseline.<br />
The Dodge Momentum Index is a leading indicator<br />
of construction spending. The information is derived<br />
from first-issued planning reports in the Dodge<br />
Data & Analytics Reports database. The data lead<br />
the U.S. Commerce Department’s nonresidential<br />
spending by a full year. In the graph to the right, the<br />
index has been shifted forward 12 months to reflect<br />
its relationship with the Commerce data.<br />
Top 5 Design Firms<br />
Ranked by nonresidential-renovation<br />
starts 1/2011 through 11/2014<br />
1 Gensler<br />
2 Perkins+Will<br />
3 AECOM<br />
4 HGA<br />
5 Stantec<br />
MOMENTUM INDEX SIGNALS HEALTHY OUTLOOK<br />
In December, the Dodge<br />
Momentum Index increased<br />
4.0% from November. Now<br />
at 128.7, the index is 17%<br />
higher than it was a year<br />
ago—a sign that the recovery<br />
will continue into <strong>2015</strong>.<br />
200<br />
150<br />
100<br />
50<br />
DODGE MOMENTUM INDEX<br />
U.S. COMMERCE DEPARTMENT<br />
MONTHLY DETAIL<br />
12/2014 – 12/<strong>2015</strong><br />
1/ <strong>2015</strong><br />
INDEX (2000 = 100)<br />
0<br />
03 04 05 06 07 08 09 10 1 1 12 13 14 15<br />
400<br />
300<br />
200<br />
100<br />
0<br />
Top 5 Projects<br />
Ranked by nonresidential-renovation starts<br />
1/2013 through 11/2014<br />
$415 MILLION<br />
PROJECT: SLS Las Vegas<br />
ARCHITECTS: Philippe Starck, Gensler<br />
LOCATION: Las Vegas<br />
$250 MILLION<br />
PROJECT: International Monetary Fund<br />
HQ1 Renewal Project<br />
ARCHITECT: Skidmore, Owings & Merrill<br />
LOCATION: Washington, D.C.<br />
$200 MILLION<br />
PROJECT: Grandview Medical Center<br />
ARCHITECT: ESa<br />
LOCATION: Birmingham, AL<br />
$200 MILLION<br />
PROJECT: Trump International Hotel<br />
at the Old Post Office<br />
ARCHITECTS: WDG, Beyer Blinder Belle<br />
LOCATION: Washington, D.C.<br />
$185 MILLION<br />
PROJECT: The Cromwell Las Vegas<br />
ARCHITECT: Leo A Daly<br />
LOCATION: Las Vegas<br />
PHOTOGRAPHY: © DAVID SUNDBERG/ESTO<br />
Dodge Data & Analytics tracks projects from predesign through construction to capture hard construction costs, square footage, and other key statistical information.
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