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Momentum Index Recedes 1% in February

Commercial planning bears the brunt of this month’s decline

BEDFORD, M.A. – March 7, 2024 The Momentum Index (DMI), issued by Construction Network, fell 1.4% in February to 180.5 (2000=100) from the revised January reading of 183.0. Over the month, commercial planning fell 2.3% and institutional planning ticked up 0.1%.

“Weaker office and healthcare planning constrained nonresidential planning in February,” stated Sarah Martin, associate director of forecasting for . “However, the Index remains 25% higher than where it was just two years ago. Most other categories showed growth over the month and 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. On the institutional side, slower healthcare and amusement planning was offset by stronger education planning, keeping this portion of the DMI flat in February. Year over year, the DMI was 1% higher than in February 2023. The commercial segment was down 10% from year-ago levels, while the institutional segment was up 27% over the same period.

In February, a total of 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 comprised the $348 million Island Parkway Life Sciences Campus in Belmont, California and the $304 million New York Presbyterian Cancer Center in New York, New York.

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

Watch Associate Director of Forecasting Sarah Martin discuss February’s DMI .

Dodge Momentum Index Press Release February 2024 Data


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