Dodge Momentum Index moves near all-time high in April

The Dodge Momentum Index (DMI), issued by Dodge Construction Network, moved 6 percent higher in April to 164.8, up from the revised March reading of 155.0.

The DMI is a monthly measure of the initial report for nonresidential building projects in planning shown to lead construction spending for nonresidential buildings by a full year. In April, the commercial component of the DMI rose 9 percent, while the institutional component moved 2 percent higher.

With the gain in April, the Dodge Momentum Index was just 5 percent shy of the all-time high set in the fall of 2021. The main impetus behind this trend is the commercial sector, which has been driven by a growing number of data-center, warehouse and hotel projects entering the planning queue. The institutional component has made moderate improvements as well, as more education, healthcare and recreation projects begin the planning process.

On a year-over-year basis, the DMI was 17 percent higher than in April 202