Steel Markets
Dodge Momentum Index Advances 1.9% in February
Written by David Schollaert
March 7, 2023
The Dodge Momentum Index (DMI) rose 1.9%% in February to 203 from the revised January reading of 199.3, according to data and analytics from the Dodge Construction Network (DCN).
Additionally, the commercial component of the DMI also advanced 1.4% and the institutional component increased 2.9%, respectively, last month.
The Dodge Momentum Index returned to growth in February after falling 9% in January, said Sarah Martin, associate director of forecasting for Dodge Construction Network. “The continued elevation in the DMI should provide hope that construction activity will grow in 2024.”
Looking forward, she said that developers push projects into planning until well after economic conditions weaken, adding that “the anticipated mild economic growth in 2023 could cause the DMI to moderate over the year,” yet Martin doesn’t expect the index to “fall below historical norms.”
DCN said a total of 22 projects with a value of $100 million or more entered planning in February.
An interactive history of the Dodge Momentum Index is available on our website. If you need assistance logging into or navigating the website, please contact us at info@steelmarketupdate.com.
Dodge is the leading index for commercial real estate, using the data of planned nonresidential building projects to track spending in the sector for the next 12 months.
By David Schollaert, david@steelmarketupdate.com
David Schollaert
Read more from David SchollaertLatest in Steel Markets
Hot-rolled market anticipates no change despite mill mark-ups
Domestic sheet market participants say recent spot price hikes from NLMK USA and Nucor will do little to shake-up stagnant market conditions. Price increases in the current market On Friday Oct. 24, NLMK customers learned that the producer’s hot- and cold-rolled prices increased $50 per short ton (st) and its coated products were $100/st higher. […]
Market sources say regional activity is dictating plate demand
Demand for plate on the spot market remains soft by comparison to years past. However, this week regional demand variations grew more pronounced.
AISI: Raw steel production bounces back
Domestic mill production rebounded last week, according to the latest production figures released by the American Iron and Steel Institute (AISI). Production had been historically strong over the summer months before softening in early October.
US sets Section 232 tariffs on trucks and buses
Medium- and heavy-duty trucks (MHDV) and buses imported to the US will start being charged Section 232 tariffs beginning Nov. 1.
Hot-rolled sources say demand continues to dwindle, prices feel arbitrary
Genuine demand, they stated, will return when the market feels stable again.