Economy
Dodge Momentum Index jumps to record high in January
Written by Brett Linton
February 12, 2025
The Dodge Momentum Index (DMI) rose to a record high in January, according to the latest data released by Dodge Construction Network.
The January DMI rose to 225.7, a 6% increase from December’s revised reading of 213.6 and 26% higher than levels one year prior. This surpasses the previous high of 222.2 recorded in December 2022.
“Nonresidential planning activity saw diversified growth in January, with every vertical experiencing positive momentum,” said Dodge’s associate director of forecasting Sarah Martin. “Uncertainty over fiscal policies, ongoing labor shortages and elevated construction costs will continue to be headwinds to the construction sector.” However, she added that construction spending should be supported in the second half of the year by significant project backlogs and additional monetary easing.
The commercial building segment of the index rose 4% from December to January to a five-month high of 275.2, 37% greater than January 2024 levels. The institutional segment grew 9% to a 19-month high of 164.4, also up 9% compared to one year ago.
Dodge reported that a total of 33 projects valued at $100 million or more entered planning in January, up from 32 in December.
It is the leading index for commercial real estate, and 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.
Brett Linton
Read more from Brett LintonLatest in Economy
SMU Community Chat: Tariff-induced panic purchases, inflation, and calculating costs
Chief executive of the Institute for Supply Management (ISM), Tom Derry highlighted how reactive buying behavior has shifted the market into a quiet demand period. Derry presented ISM data during the weekly SMU community chat.
Architecture billings still sluggish despite project inquiry uptick
The Architecture Billings Index (ABI), a leading indicator for non-residential construction activity, declined for an eighth straight month in June.
Beige Book: Tariff pressures mount, flat outlook
All districts reported “experiencing modest to pronounced input cost pressures related to tariffs, especially for raw materials used in manufacturing and construction.”
Steel exports recovered in May but still historically low
US steel exports rose 10% from April to May but remained low compared to recent years. This came just one month after exports fell to the lowest level recorded in nearly five years.
AISI: Raw steel production ticks up near recent high
The volume of raw steel produced by US mills inched higher last week, according to the American Iron and Steel Institute (AISI). After steadily increasing in April and May, domestic mill output stabilized in early June and has remained historically strong since.