The Dodge Momentum Index has continued to fall in January, yielding a 7% decline to a four-month low of 152.9 from the revised December reading of 163.7. Commercial planning fell 9% and institutional planning fell 1%.

Last year, the Dodge Momentum Index reached levels not seen in nearly 14 years, rising 21% from 2020. The recent stretch of declines has been attributed to rising costs, logistical problems, and skilled labor shortages. However, despite this decrease, the dollar value of projects in planning remains strong, especially for education, warehouse, and healthcare projects. 

A total of 13 projects with a value of $100 million or more entered planning in January. The leading institutional projects were a $400 million hospital in Tahlequah, Oklahoma and the $320 million Ascension Seton Medical Tower in Austin, Texas. The leading commercial projects were the $300 million first phase of the Willets Point redevelopment in Willets Point, New York and the $300 million XNRGY headquarters in Chandler, Arizona.

According to the Dodge Construction Network, 2022 will see many of the same challenges experienced by the construction industry in 2021. While robust growth may not materialize, the volume of projects in planning provides hope that recovery will be more evenly dispersed than last year.