Steel Markets

Dodge Momentum Index Expands in March

Written by David Schollaert

The Dodge Momentum Index moved 4% higher in March, maintaining the growth seen the month prior, according to data and analytics from the Dodge Construction Network. The index registered 166.9 last month, up from February’s revised reading of 160.3.

In March, planning for commercial projects drove the index’s overall reading upward, expanding by 7% while institutional planning fell by 0.1%. Although the commercial planning subindex saw gains in March, it has been much more volatile than institutional planning due to the presence, or absence, of large projects from month to month, Dodge said.

Compared to March 2021, the overall Momentum Index was 17% higher last month. The institutional component was up 23%, and the commercial component was 14% higher on a year-over-year basis.

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The report noted that a total of 21 projects with a value of $100 million or more entered planning in March. The leading commercial projects were the $923 million third phase of the Atlas Power data center in Williston, N.D., and the $325 million Seaport San Diego Block F in San Diego. The leading institutional projects were the $500 million Kaiser Yesler Terrace medical building in Seattle and the $500 million Strong Memorial Hospital inpatient tower in Rochester, N.Y.

Nonresidential projects entering planning continue to be robust despite rising energy prices, higher material costs, and significant shortages of labor. While projects should continue to enter the pipeline, the lag from planning to ground-breaking has been growing and will likely result in a delayed impact on construction starts, the report said.

By David Schollaert,

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