The Dodge Momentum Index continues to rise, with a 6% increase in April, taking it to 164.8, up from the revised March reading of 155. Commercial planning rose 9%, while institutional planning moved 2% higher.

This gain in April has moved the Dodge Momentum Index just 5% short of the all-time high set in the fall of 2021. The main driver has been the commercial sector, which has been carried by a growing number of data center, warehouse, and hotel projects in planning. The gain in institutional planning is due to an increase in education, healthcare, and recreation projects. Compared to April 2021, the index is 17% higher in April 2022, with commercial planning up 15% and institutional planning 22% higher. 

25 projects with a value of $100 million or more entered planning in April. The leading commercial projects were the $208 million Colo 1 data center in Ashburn, Virginia and the $150 million QTS data center in Fort Worth, Texas. The leading institutional projects were the $300 million Banner Hospital in Buckeye, Arizona and the $287 million IU Health Saxony Hospital in Fishers, Minnesota. 

This two-month rise in the Dodge Momentum Index indicates that the planning backlog for nonresidential building projects continues to fill, providing a positive outlook for construction activity going forward in 2022. However, as noted by the Dodge Construction Network, rising interest rates and the continued increase in material prices will counteract any rising trend.