Economy

Dodge Momentum Index dips in February

Written by Ethan Bernard

March 8, 2024

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.

Ethan Bernard

Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA. in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.

Read more from Ethan Bernard

Latest in Economy