The latest Dodge Momentum Index (DMI) report has shown a slight increase of 0.1% for January to a new total of 184.1, indicating an improvement over December’s revised figure of 183.9. 

Over the month, commercial planning fell by 1.0%, while institutional planning improved by 2.1%. Year over year, the DMI is now 3% lower than January 2023's totals. The commercial segment was down 12% from year-ago levels, while the institutional segment was up 15% over the same period.

"Divergent trends between commercial and institutional planning continued in January, nullifying any growth on the overall Momentum Index. Nevertheless, lending standards began to loosen in January, and the Fed is expected to begin cutting rates in the back half of the year. With this in mind, momentum should resume in commercial activity throughout 2024 as owners and developers gain confidence in market conditions for 2025," Sarah Martin, the associate director of forecasting for Dodge Construction Network, said in a news announcement.

A total of 15 projects valued at $100 million or more entered planning for the month of January. The largest commercial projects included the $200 million renovation of the historic Magnolia Hotel in Dallas, Texas, and the $169 million Microsoft Data Center in Leesburg, Virginia. The largest institutional projects included the $224 million NREL laboratory in Golden, Colorado, and the $223 million Wichita State University Biomedical building in Wichita, Kansas.