Steel Markets
Dodge Momentum Index Declines in July
Written by Sandy Williams
August 7, 2019
A leading index for nonresidential construction is continuing a downward trend that started in mid-2018. The Dodge Momentum Index fell 4.6 percent last month to a reading of 138.9. The index by Dodge Data & Analytics is a measure of the first report for nonresidential building projects in planning, which have been shown to lead construction spending by a full year.
Institutional projects in planning pulled back 10.2 percent after increasing 6.0 percent in June. The commercial segment was mostly flat with a slight decline of 0.3 percent.
“After peaking in July 2018, the Momentum Index has generally receded, with the latest month’s drop consistent with that trend,” said Dodge Data & Analytics Compared to a year ago, the Momentum Index in July 2019 was down 11.6 percent, with its commercial segment down a steep 17.4 percent while its institutional segment was down a relatively modest 1.8 percent. Much of the decline for the Momentum Index over the past year took place during the latter half of 2018, as December was reported 10.6 percent below the July 2018 peak. Since then, the descent for the Momentum Index has been more gradual, with the July 2019 reading down just 1.2 percent from last December.”
There were 13 projects valued at $100 million or more that entered the planning phase in July—nine commercial and four institutional projects.
Below is a graph showing the history of the Dodge Momentum Index. You will need to view the graph on our website to use its interactive features; you can do so by clicking here. If you need assistance logging into or navigating the website, please contact us at info@SteelMarketUpdate.com.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Markets
HVAC shipments slip in September but are still trending higher
Following a strong August, total heating and cooling equipment shipments eased in September to a five-month low, according to the latest data from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI).
GrafTech Q3 loss widens as electrode demand remains soft
GrafTech International’s third-quarter net loss increased from last year, with the company anticipating continuing weakness in near-term demand for graphite electrodes.
Cliffs forecasts 2025 rebound after Q3’s weakest demand since Covid
The negative impact of high interest rates on consumer behavior, particularly in the automotive and housing sectors, was the primary driver of the demand weakness seen across the third quarter, according to Cleveland-Cliffs executives.
Primetals secures long-term maintenance deals in the Americas
Primetals Technologies renewed two long-term maintenance service contracts with steel producers in the Americas.
Steel imports slip 10% from August to September
September marked the lowest month for steel imports so far this year, according to preliminary Census data released by the Commerce Department.