The Dodge Momentum Index moved up another 4% in March to 166.9 from the revised February reading of 160.3. Last month, commercial planning rose 7%, while institutional planning fell by less than one percent. 

Commercial planning in March was just slightly lower than the all-time high set in October 2021. However, this component of the Momentum Index has been much more volatile than institutional planning due to the presence or absence of large projects month-to-month. Compared to March 2021, the overall index was 17% higher in March 2022, with institutional planning up 23% over the year and commercial planning up 14%.

A total of 21 projects with a value of $100 million or more entered planning in March. The leading commercial projects were the $923 million third phase of the Atlas Power data center in Williston, North Dakota, and the $325 million Seaport San Diego Block F in San Diego. The leading institutional projects were the $500 million Kaiser Yesler Terrace medical building in Seattle and the $500 million Strong Memorial Hospital inpatient tower in Rochester, New York.

According to the Dodge Construction Network, nonresidential projects entering planning are sizable despite rising energy prices, higher material costs, and significant shortages of labor. Even as projects continue to enter the pipeline, a lag from planning to groundbreaking has been growing and will likely result in a delayed impact on construction starts.