Steel Markets
Dodge Momentum Index Inches Higher on Commercial Planning
Written by Sandy Williams
September 8, 2020
The Dodge Momentum Index increased for a second consecutive month, climbing 1.8 percent in August to 126.5. The commercial component of the index increased 3.3 percent while the institutional component dipped 1.2 percent lower.
The index is a monthly measure of the first report for nonresidential building projects in planning, which has been shown to lead construction spending by a full year.
“The August increase in the overall Momentum Index is the second consecutive rise and a further sign that the construction sector continues to post a modest recovery following the large declines in April and June. This recovery, though, is uneven,” said Dodge Data & Analytics. “The commercial component has risen 9 percent from its June low and is just 13 percent below its 2018 peak fueled by increased planning activity for warehouse and office projects. The institutional component, however, has declined for five consecutive months and has yet to hit bottom. The institutional component is now 34 percent below its recent peak. “
A decline in state and local government revenue has led to budget cuts and a pullback on new public projects. Cancellation and delays of education building projects have put “significant downward pressure on the institutional component of the Momentum Index,” added Dodge.
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 in to 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.