The latest Dodge Momentum Index (DMI) for November has indicated a 1% drop to 179.2 a month after posting a revised total of 181.7 for October that was propelled by gains in the commercial sector.

Over November, both the commercial and institutional components fell by 1%. DCN says these results were driven largely by the weak performance of the educational segment, despite gains in healthcare and public spaces. Year over year, the index was 14% lower than in November 2022. The commercial segment was down 20% from November 2022 levels, and the institutional segment was up 2% over the same period. 

“While both portions of the Momentum Index saw slower momentum in planning, overall levels remain steady and will support construction spending in 2024 and 2025,” stated Sarah Martin, associate director of forecasting for DCN. “Nonresidential planning activity will remain constrained from stronger growth amidst ongoing labor and construction cost challenges.”

A total of 17 projects valued at $100 million or more entered planning in November. The largest commercial projects were the $480 million Project Cosmo Data Center in Cheyenne, Wyoming, and the $300 million Sherwin Williams Headquarters Building in Cleveland, Ohio, from Pickard Chilton Architects.

The largest institutional projects include the $315 million phase two of the FSU Health Hospital in Tallahassee, Florida, and the $258 million LA Convention Center Exhibition Hall in Los Angeles, California.