The Dodge Momentum Index increased 4 percent in February to 158.2, 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 percent, and commercial planning moved 1 percent 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. 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.