{"id":24273,"date":"2024-01-08T15:55:54","date_gmt":"2024-01-08T23:55:54","guid":{"rendered":"https:\/\/essential.construction\/news\/dodge-momentum-index-improves-3-in-december\/"},"modified":"2024-01-08T15:55:55","modified_gmt":"2024-01-08T23:55:55","slug":"dodge-momentum-index-improves-3-in-december","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/dodge-momentum-index-improves-3-in-december\/","title":{"rendered":"Dodge Momentum Index Improves 3% in December"},"content":{"rendered":"

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Nonresidential planning activity remains robust going into 2024<\/em><\/p>\n

BEDFORD, M.A. \u2013 January 8, 2024 <\/strong>\u2014<\/strong> The Dodge Momentum Index (DMI), issued by Dodge<\/a> Construction Network<\/a>, rose 3% in December to 186.6 (2000=100) from the revised November reading of 181.5. Over the month, commercial planning grew 1.0% and institutional planning improved 6.1%.<\/p>\n

\u201cThe Momentum Index ended the year 11% below the November 2022 peak, ultimately stabilizing as the year progressed. Regardless, the DMI averaged a reading of 184.3 in 2023, hitting levels of activity that haven\u2019t been recorded since 2008,\u201d stated Sarah Martin, associate director of forecasting for Dodge Construction Network. \u201cWhile ongoing labor and construction cost issues will persist in 2024, a substantive amount of projects are sitting in the planning queue and will support construction spending going into 2025.\u201d<\/p>\n

Hotel and data center planning drove growth in the commercial segment of the DMI over the month of December, while stronger healthcare and public building planning supported more momentum on the institutional side. Year over year, the DMI was 2% lower than in December 2022. The commercial segment was down 9% from year-ago levels, while the institutional segment was up 14% over the same time period.<\/p>\n

A total of 23 projects valued at $100 million or more entered planning in December, with six valued over $400 million. The largest commercial projects include the $500 million Universal Theme Park Kids Resort and Hotel in Frisco, Texas, and the $400 million Dog River Industrial Park in Mobile, Alabama. The largest institutional projects include two Mayo Clinic buildings, each valued at $400 million, in Rochester, Minnesota.<\/p>\n

The DMI is a monthly measure of the value of nonresidential building projects going into planning, shown to lead construction spending for nonresidential buildings by a full year.<\/p>\n

Watch Associate Director of Forecasting Sarah Martin discuss December\u2019s DMI here<\/a>.<\/p>\n<\/p>\n<\/div>\n

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About Dodge Construction Network<\/strong>
Dodge Construction Network is a solutions technology company providing 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 longstanding and trusted industry solutions to timely connect and enable decision makers across the entire commercial construction ecosystem. For more than a century, Dodge Construction Network has empowered construction professionals with the information they need to build successful, growing businesses. To learn more, visit\u00a0construction.com<\/a><\/p>\n

Media Contact<\/strong>:
Amy Roepke | am********<\/span>@**********<\/span>on.com<\/span><\/a><\/p>\n<\/div>\n<\/div>\n