Steel Markets
Dodge Momentum Index Advances 1.9% in February
Written by David Schollaert
March 7, 2023
The Dodge Momentum Index (DMI) rose 1.9%% in February to 203 from the revised January reading of 199.3, according to data and analytics from the Dodge Construction Network (DCN).
Additionally, the commercial component of the DMI also advanced 1.4% and the institutional component increased 2.9%, respectively, last month.
The Dodge Momentum Index returned to growth in February after falling 9% in January, said Sarah Martin, associate director of forecasting for Dodge Construction Network. “The continued elevation in the DMI should provide hope that construction activity will grow in 2024.”
Looking forward, she said that developers push projects into planning until well after economic conditions weaken, adding that “the anticipated mild economic growth in 2023 could cause the DMI to moderate over the year,” yet Martin doesn’t expect the index to “fall below historical norms.”
DCN said a total of 22 projects with a value of $100 million or more entered planning in February.
An interactive history of the Dodge Momentum Index is available on our website. If you need assistance logging into or navigating the website, please contact us at info@steelmarketupdate.com.
Dodge is the leading index for commercial real estate, using the data of planned nonresidential building projects to track spending in the sector for the next 12 months.
By David Schollaert, david@steelmarketupdate.com
David Schollaert
Read more from David SchollaertLatest in Steel Markets
CMC looks beyond Arizona micro-mill woes to long-term viability of construction mart
Despite the economic and geopolitical upheaval of the last five years, CMC President and CEO Peter Matt points out that the construction market has been an essential element of the way forward.
US importers face stricter rules under revamped S232 tariffs
“CBP expects full compliance from the trade community for accurate reporting and payment of the additional duties. CBP will take enforcement action on non-compliance," the agency said in a March 7 bulletin.
Steel exports rebound in January
US steel exports recovered to a five-month high in January after having fallen to a two-year low in December. This growth follows four consecutive months of declining exports.
Construction spending drops marginally in January
Construction spending edged down slightly in January, slipping for the first time in four months. The US Census Bureau estimated spending at a seasonally adjusted annual rate of $2,196 billion in January, down 0.2% from December’s downward revised rate. The January figure is 3.3% higher than a year ago. January’s result, despite the slight erosion, […]
HVAC equipment shipments slow in December but strong annually
Shipments of heating and cooling equipment in the US fell to an 11-month low in December, according to the latest data released by the Air-Conditioning, Heating, and Refrigeration Institute (AHRI).