The latest Dodge Momentum Index (DMI) information for February has shown a slight decrease in economic activity, dropping 1.4% to a new score of 180.5 from January’s revised total of 183.0.

Over the month, commercial planning fell 2.3% while institutional planning ticked up 0.1%. The drop in the commercial sector was caused primarily by a lag in new office planning. On the institutional side, slow healthcare and amusement planning was offset by a strong showing in the education sector to maintain a flat reading for the month.

“Weaker office and healthcare planning constrained nonresidential planning in February,” Sarah Martin, the associate director of forecasting for Dodge Construction Network, said in a press release. “However, the Index remains 25% higher than where it was just two years ago. Most other categories showed growth over the month, and Dodge remains optimistic that nonresidential planning will stay elevated throughout 2024 alongside rising confidence in 2025 market conditions.”

For the month, a total of 17 projects valued at $100 million or more entered planning. The largest commercial projects included the $220 million QTS Data Center in Fort Worth, Texas, and the $150 million DOT Transit Maintenance Facility in Boulder, Colorado. The two largest institutional projects were the $348 million Island Parkway Life Sciences Campus in Belmont, California, and the $304 million New York Presbyterian Cancer Center in New York City.