Steel Products

Nonresidential construction growth slowed in February: Dodge

Written by David Schollaert

March 13, 2025

The Dodge Momentum Index (DMI) saw moderate growth in February after reaching a record high the month prior, according to the latest data released by Dodge Construction Network.

The February DMI rose to 225.6, a 0.7% increase from January’s downwardly revised reading of 223.9 and 27% higher than levels one year prior.

“Planning momentum moderated in February, after a few months of stronger growth,” said Dodge’s associate director of forecasting Sarah Martin. “Data centers continue to prop up growth in the overall index. Without them, the DMI would have decreased 2% this month.”

While planning decisions are likely impacted by uncertainty around material prices and fiscal policies, for the time being “planning activity is largely continuing to move forward,” Martin noted. 

The commercial building segment of the index rose 3.3% from January to a six-month high of 283.4, 43% greater than February 2024 levels. The institutional segment fell by 4.6% to 154.0 after reaching a 19-month high last month. The reading is up just 2% compared to one year ago.

Dodge reported that a total of 26 projects valued at $100 million or more entered planning in February, down from 33 in January.

The DMU is a leading index for commercial real estate, using 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.

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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