Dodge Momentum Index Takes a Turn for the Better in May with +3.7% Monthly Increase

The DMI is a monthly measure of the value of nonresidential building projects going into planning, shown to lead construction spending for nonresidential buildings by a full year.
June 12, 2025
3 min read
© Endeavor Business Media / Jim Lucy
684b0f9fa1787a744b89a839 San Francisco Convention Centerskyline1920

The Dodge Momentum Index (DMI), issued by Dodge Construction Network, grew +3.7% in May to 211.2 (2000=100) from the downwardly revised April reading of 203.5 points. Over the month, commercial planning grew +0.8% while institutional planning improved +10.5%.
The DMI is a monthly measure of the value of nonresidential building projects going into planning, shown to lead construction spending for nonresidential buildings by a full year.

 

“Nonresidential planning continued to accelerate in May, primarily driven by strong project activity on the institutional side of the DMI,” said Sarah Martin, associate director of forecasting at Dodge Construction Network, in the press release. “Planning momentum moderately improved on the commercial side as well, following subdued growth in that sector over the last few months — outside of data centers. Increased economic and policy uncertainty will continue to contribute to heightened volatility in the project data — but in aggregate, planning activity is on steady footing.”


After a very strong April, data center projects returned to more typical levels in May and constrained overall commercial planning. Without data center projects, the commercial portion of the DMI would have improved +5% and the entire DMI would have grown +7% over the month. Accelerated warehouse and hotel planning drove the commercial portion of the Index, while office and retail planning remained flat. On the institutional side, a strong uptick in education and recreational projects drove this month’s gains, partially offset by a mild slowdown in healthcare planning.


In May, the DMI was up +24% when compared to year-ago levels. The commercial segment was up +15% from May 2024, and the institutional segment was up +47% after a weak May last year. If all data center projects between 2023 and 2025 are excluded, commercial planning would be up +4% from year-ago levels and the entire DMI would be up +17%.


A total of 33 projects valued at $100 million or more entered planning throughout May. The largest commercial projects included the $486-million Evolve Energy Partners Data Center in Warrenton, MO; the $366-million LEGO Warehouse and Distribution Facility in Prince George, VA; and the $330-million Summit Crossing Data Center (Building 2) in Fredericksburg, VA. The largest institutional projects to enter planning were the $500 million renovations to the Honda Center in Anaheim, CA; the $238-million phase 2 of the Sterling Bay Pacific Center research and development building in San Diego, CA; and the $201-million patient tower at Berkeley Medical Center in Martinsburg, WV.