“On par with our expectations, the Dodge Momentum Index continued to recede in April, due to declining economic conditions and ongoing banking uncertainty.” Said Sarah Martin, associate director of forecasting for Dodge Construction Network, in the press release. “Weaker commercial planning is driving the DMI’s decline, as it’s more exposed to real-time economic changes than the largely publicly funded institutional segment.”
Commercial planning in April was pushed down by sluggish office, hotel and retail activity. Institutional planning remained flat, as weak education planning offset growth in healthcare and amusement projects. Year-over-year, the DMI remains +11% higher than in April 2022. The commercial and institutional components were up +7% and +17% respectively.
A total of 16 projects with a value of $100 million or more entered planning in April. The largest commercial projects included a $268-million warehouse in El Dorado Hills, CA, and a $170-million hotel in New York. Leading the way on the institutional side were the $450-million Desert Diamond Casino in Glendale, AZ, and the $350-million Global Energy Park research and development laboratory in Golden, CO.