New data from the latest Dodge Momentum Index (DMI) has shown a decline of 5.1% to 180.9 for April, continuing a downward trend in the wake of March’s revised total of 190.6 that has been led largely by economic turmoil in the commercial planning sector.

The data showed an 8.0% decline in the commercial component, while the institutional component was up 0.3%. 

Year over year, the DMI stands 11% higher than April 2022. The commercial and institutional components were up 7% and 17% respectively for the year, despite longstanding concerns about the viability of large offices post-Covid. 

“On par with our expectations, the Dodge Momentum Index continued to recede in April, due to declining economic conditions and ongoing banking uncertainty,” Sarah Martin, the associate director of forecasting for the Dodge Construction Network, said in a press release. “Weaker commercial planning is driving the DMI’s decline, as it is more exposed to real-time economic changes than the largely publicly funded institutional segment.” 

A total of 16 projects with a value of $100 million or more were tallied in April. The largest commercial projects were a $268 million warehouse in El Dorado Hills, California, followed by a $170 million hotel in New York City. The institutional side was led by the $450 million Desert Diamond Casino in Glendale, Arizona, and the $350 million Global Energy Park research and development laboratory in Golden, Colorado.