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Dodge Momentum Index recedes in April due to declining economic conditions
The Dodge Momentum Index (DMI) fell 5.1 percent in April as commercial planning was pushed down by sluggish office, hotel and retail activity, according to Dodge Construction Network.
Although the commercial component of the DMI fell 8 percent in April, the institutional component improved 0.3 percent. Institutional planning remained flat, as weak education-planning offset growth in healthcare and amusement projects.
A total of 16 projects valued at $100 million or more entered planning in April. The largest commercial projects included a $268 million warehouse in El Dorado Hills, Calif. and a $170 million hotel in New York City. On the institutional side, the $450 million Desert Diamond Casino in Glendale, Ariz., and the $350 million Global Energy Park research and development laboratory in Golden, Colo., led the way.
“On par with our expectations, the Dodge Momentum Index continued to recede in April, due to declining economic conditions and ongoing banking