The U.S. Dodge Momentum Index rose in the month of February. The index rose to 146.9 from an upwardly revised 146.2 in January. The index dropped a bit from its peak in December, but continues to be close to a cycle-high.
The DMI rose 0.7 points in the month. This places the index slightly below the peak of 151.5 reached in December. Sixteen projects of over USD 100 million entered planning in February. The largest institutional project was a USD 450 million arena in Las Vegas, NV. On the commercial side, the leading project was a USD 280 million data center in Sterling, VA.
The institutional component of the DMI rose 10.8 points in February to 142.6, contributing all of the rise in the overall index. This was a fifth straight month of gains and pushed the institutional DMI to a new cycle-high.
Commercial dropped for a third month, falling 7.5 points to 150.4. Vacancy rates for offices and warehouses have been rising, and might be leading to moderation in commercial construction growth, noted Wells Fargo in a research report.
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