Commercial construction planning falls after months of gains | Dump Trucks Charlotte NC

Columbus Ohio Dump Truck Company Brief:

• The Dodge Momentum Index, a benchmark that measures nonresidential building planning, fell 8.4% in January due to declines in commercial and institutional project activity. The index typically leads actual construction spending by 12 months.
• The January dip follows a strong growth reading in December, according to Dodge. Despite the drop last month, however, the DMI remains 32% higher than in January 2022.
• “After such strong growth in 2022, we expect the index to columbus oh dump truck company its way back toward historical norms this year, in tandem with weaker economic growth,” said Sarah Martin, associate director of forecasting for the Dodge Construction Network, in the report. “Overall, levels of planning activity remained comparatively strong over the month — which bodes well for the construction sector.”

Dump Trucks Columbus OH Insight:

The commercial component of the DMI fell 10% in January, while the institutional component dropped 4.7%. On a year-over-year basis, the commercial component remains up 40%, while the institutional component remains 16% higher.

At the same time, activity in healthcare and public planning showed positive momentum, according to the report. But weakness in commercial and institutional construction offset positive momentum in the healthcare sector. 

Slower commercial construction activity, namely in the office, warehouse, retail and hotel sectors, coupled with slower institutional construction, such as education and amusement projects, contributed to the overall January dip, according to Dodge.

A total of 26 projects with a value of at least $100 million entered planning in January. The leading commercial projects included: 

• The $325 million Westfield Data Center in Westfield, Massachusetts. 
• The $275 million Illinois Medical District Data Center in Chicago. 

Meanwhile, the leading institutional projects included: 

• The $315 million USC Discovery and Translational Hub laboratory building in Los Angeles.
• The $211 million Granary lab and office building in Salt Lake City, Utah.