Dodge Construction Network’s Momentum Index Increases +3.4% in September

The Dodge Momentum Index (DMI), issued by Dodge Construction Network, increased +3.4% in September to 304.6 (2000=100) from the downwardly revised reading of 294.7 points. Over the month, commercial planning expanded +4.7% while institutional planning ticked up +0.9%. Year-to-date, the DMI is up +33% from the average reading over the same period in 2024.
The DMI is a monthly measure based on the three-month moving value of nonresidential building projects going into planning. It leads construction spending for nonresidential buildings by a full year to 18 months.
“Planning momentum remained steadfast for data centers, healthcare and public buildings throughout September and will correlate to stronger construction spending in early 2027,” said Sarah Martin, associate director of Forecasting at Dodge Construction Network, in the press release. “After a prolonged period of uncertainty, owners and developers are advancing projects into planning, but activity is expected to normalize in future months.” 
On the commercial side, activity slowed down for warehouses, traditional office buildings and hotels, but gained momentum in data centers and retail stores. Without data centers, commercial planning would have only increased +0.5% this month. On the institutional side, education and recreational planning slowed down, while health care and public planning continued to grow. Year-over-year, the DMI was up +60% when compared to Sept. 2024. The commercial segment was up +53% (+44% when data centers are removed) and the institutional segment was up +75% over the same period.  
A total of 58 projects valued at $100 million or more entered planning throughout September. The largest commercial projects included the $440-million CyrusOne Data Center Campus in Yorkville, IL; the $384-million Meta Data Center (Phase 2) in Montgomery, AL; and the $300-million Gemini Data Center (500 MW) in Brandon, SD.
The largest institutional projects to enter planning were the $246-million Philip Anthony Senior High School (No. 2) in Princeton, TX; the $227-million HCA Medical City Healthcare Hospital in Prosper, TX ; and the $158-million East Stamford Elementary School and Middle School in Stamford, CT.