The Dodge Momentum Index, a benchmark that measures nonresidential construction planning, fell 1.4 percent in February due to a lackluster reading in the office sector, according to the Dodge Construction Network. Over the month, commercial planning, which includes office construction, tumbled 2.3 percent while institutional planning ticked up 0.1 percent.
The drop in February marks the first decrease since November, where weak commercial planning also dragged down overall planning levels, according to Dodge data.
“However, the index remains 25 percent higher than where it was just two years ago,” says Sarah Martin, associate director of forecasting for Dodge. “Dodge remains optimistic that nonresidential planning will stay elevated throughout 2024 alongside rising confidence in 2025 market conditions.”
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