Economy

Dodge Momentum rebounds in December

Written by David Schollaert

January 9, 2025

Improved growth in data center planning and warehousing projects helped the Dodge Momentum Index (DMI) rebound in December. The index recovered last month after declining for three consecutive months prior.

Dodge Construction Network (DCN) reported a DMI of 212.0 in December, a 10.2% boost from 192.3 the month before. Institutional planning improved 2.5%, while commercial planning increased 14.2%.

Data center and warehousing planning were bright spots last month, aided by improved planning in health care and education activity driving institutional growth.

Sarah Martin, DCN’s associate director of forecasting, said “Overall, the strong performance of the Momentum Index this past year is expected to support nonresidential construction spending throughout 2025.”

On the commercial side, data center impact on the DMI in 2024 was substantial. If data center projects in 2023 and 2024 were removed, commercial planning would be up 8% y/y (year over year), and the entire DMI would be up 5%, the report said.

Compared to one year ago, December’s DMI was 19% higher this year, with the institutional segment flat and the commercial segment surging 30%.

The DMI tracks the value of nonresidential construction projects entering the planning stages and typically leads construction spending by about 12 months.

David Schollaert

David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.

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