The Dodge Momentum Index increased 4 percent in February to 158.2 (2000=100), from the revised January reading of 151.9. The index, issued by Dodge Construction, 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 percent, and commercial planning moved 1 percent higher.
The 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. Commercial planning remained solid thanks to office and warehouse projects. When compared to February 2021, the overall Momentum Index was 11 percent higher in February 2022. The institutional component was up 37 percent, while the commercial component was down 1 percent on a year-over-year basis.
A total of 22 projects with a value of $100 million or more entered planning in February. According to Dodge, the leading institutional projects were a $500 million first phase of the OC Vibe recreation and mixed-use space in Anaheim, California, and the $299 million Kaiser Permanente Roseville Medical Center in Roseville, California. The leading commercial projects were the $500 million Potomac Technology Park data center in Manassas, Virginia, and a $175 million Chick-fil-A refrigerated warehouse in Hutchins, Texas.