Industrial planning bears the brunt of this month’s decline
BEDFORD, M.A. – March 7, 2024 — The Dodge Momentum Index (DMI), issued by Dodge Development Community, fell 1.4% in February to 180.5 (2000=100) from the revised January studying of 183.0. Over the month, industrial planning fell 2.3% and institutional planning ticked up 0.1%.
“Weaker workplace and healthcare planning constrained nonresidential planning in February,” said Sarah Martin, affiliate director of forecasting for Dodge. “Nonetheless, the Index stays 25% larger than the place it was simply two years in the past. Most different classes confirmed progress over the month and Dodge stays optimistic that nonresidential planning will keep elevated all through 2024 alongside rising confidence in 2025 market circumstances.”
Slower progress in workplace planning pulled down the industrial portion of the Index this month. On the institutional facet, slower healthcare and amusement planning was offset by stronger training planning, maintaining this portion of the DMI flat in February. 12 months over 12 months, the DMI was 1% larger than in February 2023. The industrial phase was down 10% from year-ago ranges, whereas the institutional phase was up 27% over the identical interval.
In February, a complete of 17 initiatives valued at $100 million or extra entered planning. The biggest industrial initiatives included the $220 million QTS Information Middle in Fort Value, Texas, and the $150 million DOT Transit Upkeep Facility in Boulder, Colorado. The biggest institutional initiatives comprised the $348 million Island Parkway Life Sciences Campus in Belmont, California and the $304 million New York Presbyterian Most cancers Middle in New York, New York.
The DMI is a month-to-month measure of the worth of nonresidential constructing initiatives going into planning, proven to guide building spending for nonresidential buildings by a full 12 months.
Watch Affiliate Director of Forecasting Sarah Martin talk about February’s DMI right here.
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