Dodge Momentum Index dips in February

The Dodge Momentum Index, issued by Dodge Construction Network, fell 1.4 percent in February to 180.5 from a revised January reading of 183.

In February, commercial planning fell 2.3 percent and institutional planning ticked upward 0.1 percent, according to Dodge.

“Weaker office and health care planning constrained nonresidential planning in February,” says Sarah Martin, associate director of forecasting at Dodge. “However, the index remains 25 percent higher than where it was just two years ago. 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.”

Slower growth in office planning pulled down the commercial portion of the index this month, according to Dodge. On the institutional side, slower health care and amusement planning was offset by stronger education planning, keeping this portion of the momentum index flat in February.

Year over year, the index is 1 percent higher than it was in February 2023. The commercial segment is down 10 percent from year-ago levels, while the institutional segment is up 27 percent over the same stretch.

Specific projects

In February, Dodge says 17 projects valued at $100 million or more entered planning.

The largest commercial projects included the $220 million QTS data center in Fort Worth, Texas, and the $150 million DOT Transit maintenance facility in Boulder, Colorado. The largest institutional projects were the $348 million Island Parkway Life Sciences campus in Belmont, California, and the $304 million New York Presbyterian Cancer Center in New York.

The Dodge Momentum Index is a monthly measure of the value of nonresidential building projects going into planning, which has shown to lead construction spending for nonresidential buildings by a full year.

Related: Dodge Momentum Index improves in December