Economy
Dodge Momentum Index slips lower in March
Written by Brett Linton
April 5, 2024
The Dodge Momentum Index (DMI) fell again in March, marking one of the lowest index readings of the past two years according to Dodge Construction Network data released Friday.
The DMI fell 8.6% last month to 164.0, down from February’s revised reading of 179.5 and 12% lower than the same month one year prior.
“In 2023, commercial planning decreased while institutional planning notably improved,” said Sarah Martin, associate director of forecasting for Dodge. “While strong market fundamentals should support institutional planning this year, this side of the Index is more at risk for a substantive correction after last year’s growth.”
Martin noted that slower growth on the commercial side pulled down that portion of the index again this month. The commercial segment was down 14% from a year earlier, while the institutional segment fell 10%.
Dodge reported that a total of 14 projects valued at $100 million or more entered planning in March, down from 17 in February.
Dodge is the leading index for commercial real estate. It uses the data of planned nonresidential building projects to track spending in this important steel-consuming sector for the next 12 months. An interactive history of the DMI is available on our website.
Brett Linton
Read more from Brett LintonLatest in Economy
Durable goods orders rise again in February
Transportation equipment led the increase, rising 1.5% to $98.3 billion.
Consumer confidence falls for fourth consecutive month
People remain concerned about inflation, trade policies, and tariffs.
Housing starts ticked up in February
Single-family starts last month hit a rate of 1.10 million, a month-over-month increase of 11.4%, census data shows.
Architecture billings continued to slide in February
The ABI is a leading indicator for near-term nonresidential construction activity and projects business conditions ~9-12 months down the road (the typical lead time between architecture billings and construction spending).
New York state manufacturing activity tumbles in March
After a modest recovery in February, business activity in New York state’s manufacturing sector declined sharply in March, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.