Market Data
March 8, 2024
Dodge Momentum Index dips in February
Written by Ethan Bernard
The Dodge Momentum Index (DMI) slipped in February from the previous month, according to the latest Dodge Construction Network (DCN) data.
The DMI dropped 1.4% last month to 180.5 from the revised January reading of 183.0. However, this was still 1% higher than a year earlier, DCN said on Thursday.
“Weaker office and healthcare planning constrained nonresidential planning in February,” Sarah Martin, associate director of forecasting for Dodge, said in a statement.
“However, the Index remains 25% higher than where it was just two years ago,” she added.
Martin noted that most other categories showed growth over the month, “and Dodge remains optimistic that nonresidential planning will stay elevated throughout 2024 alongside rising confidence in 2025 market conditions.”
DCN said slower growth in office planning impacted the commercial portion of the Index in February. The commercial segment was off 10% from a year earlier, while the institutional segment increased 27% in the same period.
Last month, DCN reported that a total of 17 projects valued at $100 million or more entered planning.
Dodge is the leading index for commercial real estate. It uses the data of planned nonresidential building projects to track spending in this important steel-consuming sector for the next 12 months. An interactive history of the DMI is available on our website.
