PRESS RELEASE
HAMILTON, NJ – March 8, 2022 — The Dodge Momentum Index increased 4% in February to 158.2 (2000=100), from the revised January reading of 151.9. 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 October 2021. Much of February’s gain was due to a sizeable jump in the institutional component, as more education and healthcare projects entered planning. Commerical planning remained solid thanks to office and warehouse projects. When compared to February 2021, the overall Momentum Index was 11% higher in February 2022. The institutional component was up 37%, while the commercial component was down 1% on a year-over-year basis.
A total of 22 projects with a value of $100 million or more entered planning in February. The leading institutional projects were a $500 million first phase of the OC Vibe recreation and mixed-use space in Anaheim, CA, and the $299-million Kaiser Roseville Medical Center in Roseville, CA. The leading commercial projects were the $500-million Potomac Technology Park data center in Manassas, VA, and a $175-million Chick-fil-A refrigerated warehouse in Hutchins, TX.
February’s increase in the Dodge Momentum Index suggests that the construction sector continues to weather the storm of higher material prices and labor scarcity and is looking past the pandemic’s unique issues for projects like schools and offices.
As the pipeline of projects awaiting groundbreaking fills, a more even and pronounced recovery in construction starts will take hold.
##########
About Dodge Construction Network
Dodge Construction Network leverages an unmatched offering of data, analytics, and industry-spanning relationships to generate the most powerful source of information, knowledge, insights, and connections in the commercial construction industry. The company powers four longstanding and trusted industry solutions—Dodge Data & Analytics, The Blue Book Network, Sweets, and IMS—to connect the dots across the entire commercial construction ecosystem.
To learn more, visit construction.com. Or contact Cailey Henderson at [email protected].