Dodge Momentum Index Increases +4% in February After Three-Month Slide

The Dodge Momentum Index increased +4% in February to 158.2 points (2000=100), from the revised January reading of 151.9 points. The Momentum Index, issued by Dodge Construction Network, is a monthly measure of the initial report for nonresidential building projects in planning, which have been shown to lead construction spending for nonresidential buildings by a full year. In February, institutional planning rose +9%, and commercial planning moved +1% higher.

The Dodge Momentum Index rebounded from three consecutive monthly declines that followed a 14-year high in Oct. 2021. Much of February’s gain was due to a sizeable jump in the institutional component, as more education and healthcare projects entered planning. Commercial planning remained solid thanks to office and warehouse projects. When compared to Feb. 2021, the overall Momentum Index was +11% higher in Feb. 2022. The institutional component was up +37%, while the commercial component was down -1% on a year-over-year basis.