Planning activity flattens over the month.

BOSTON, M.A. – March 12, 2025 — The Dodge Momentum Index (DMI), issued by Dodge Construction Network, grew 0.7% in February to 225.6 (2000=100) from the revised January reading of 223.9. Over the month, commercial planning increased 3.3% while institutional planning fell 4.6%.  

“Planning momentum moderated in February, after a few months of stronger growth,” stated Sarah Martin, associate director of forecasting at Dodge Construction Network. “Data centers continue to prop up growth in the overall index. Without them, the DMI would have decreased 2% this month. Increased uncertainty around material prices and fiscal policies may begin to weigh on planning decisions, but for the time being, planning activity is largely continuing to move forward.”  

On the commercial side, data center, traditional office building, and retail planning led this month’s gains, while weaker education planning brought down the institutional portion. In February, the DMI was up 27% when compared to year-ago levels. The commercial segment was up 43% from February 2024, while the institutional segment was up 2% over the same period. The influence of data centers on the DMI this year remains substantial. If we remove all data center projects between 2023 and 2025, commercial planning would be up 12% from year-ago levels, and the entire DMI would be up 8%.  

A total of 26 projects valued at $100 million or more entered planning throughout February. The largest commercial projects included the $500 million Tract Data Center Park in Chester, Virginia, and the SAT93 and SAT94 Microsoft Data Center projects in San Antonio, Texas – each valued at $350 million. The largest institutional projects to enter planning were the $329 million Burlington High School in Burlington, Massachusetts, the $300 million T-Mobile Arena renovation in Las Vegas, Nevada, and the $300 million North Dakota State Hospital in Jamestown, North Dakota.  

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. 

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Planning activity sees widespread growth over the month.

BOSTON, M.A. – February 7, 2025 — The Dodge Momentum Index (DMI), issued by Dodge Construction Network, grew 5.6% in January to 225.7 (2000=100) from the revised December reading of 213.6. Over the month, commercial planning increased 4.2% while institutional planning improved 8.7%.  

“Nonresidential planning activity saw diversified growth in January, with every vertical experiencing positive momentum,” stated Sarah Martin, associate director of forecasting at Dodge Construction Network. “Uncertainty over fiscal policies, ongoing labor shortages and elevated construction costs will continue to be headwinds to the construction sector. However, further monetary easing and the sizable number of projects in planning should support construction spending in the back half of the year.” 

On the commercial side, data center, traditional office building, and warehouse planning led this month’s gains. Education and healthcare planning supported the institutional portion, especially on the hospital side. In January, the DMI was up 26% when compared to year-ago levels. The commercial segment was up 37% from January 2024, while the institutional segment was up 9% over the same period. The influence of data centers on the DMI this year remains substantial. If we remove all data center projects between 2023 and 2025, commercial planning would be up 13% from year-ago levels, and the entire DMI would be up 11%. 

A total of 33 projects valued at $100 million or more entered planning throughout January. The largest commercial projects included the $500 million Amazon Data Center in Jeffersonville, Ohio, and Phase 1 of the Hunter’s Ridge Data Center in Mclean, Virginia. The largest institutional projects to enter planning were the $407 million Memorial Hospital expansion in Colorado Springs, Colorado and the $300 million AdventHealth Hospital expansion in Parker, Colorado.    

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. 

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Commercial planning bounced back strongly over the month.

BOSTON, M.A. – January 8, 2024 — The Dodge Momentum Index (DMI), issued by Dodge Construction Network, grew 10.2% in December to 212.0 (2000=100) from the revised November reading of 192.3. Over the month, commercial planning increased 14.2% while institutional planning improved 2.5%. 

“Commercial activity rebounded strongly in December, thanks to a re-acceleration in data center and warehouse planning activity,” stated Sarah Martin, associate director of forecasting at Dodge Construction Network. “Overall, the strong performance of the Momentum Index this past year is expected to support nonresidential construction spending throughout 2025.”

On the commercial side, data center and warehouse planning drove much of the growth this month, while stronger healthcare and education activity supported the institutional portion. In December, the DMI was up 19% when compared to year-ago levels. The commercial segment was up 30% from December 2023, while the institutional segment was flat over the same period. The influence of data centers on the DMI this year has been substantial. If we remove all data center projects in 2023 and 2024, commercial planning would be up 8% from year-ago levels, and the entire DMI would be up 5%.

A total of 32 projects valued at $100 million or more entered planning throughout December. The largest commercial projects included six phases of the $1.6 billion Powerhouse 95 data center in Fredericksburg, Virginia, and four phases of the $1 billion Brambleton Data Center at Tech Park in Ashburn, Virginia. The largest institutional projects to enter planning were the $226 million OhioHealth Outpatient Cancer Center in Columbus, Ohio, and the $220 million county jail in Peoria, Illinois. 

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.

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Most commercial sectors continued to fall back throughout the month.

BEDFORD, M.A. – December 6, 2024 — The Dodge Momentum Index (DMI), issued by Dodge Construction Network, decreased 2.3% in November to 191.5 (2000=100) from the revised October reading of 196.0. Over the month, commercial planning fell 4.6% while institutional planning improved 2.5%.  

“Throughout 2024, we’ve seen robust growth in nonresidential planning activity – but labor shortages and high construction costs have prevented those projects from moving through the planning process at a normal pace. The current backlog may be constraining demand for commercial planning in the short-term,” stated Sarah Martin, associate director of forecasting at Dodge Construction Network. “Uncertainty over new tariff and immigration policies under President-elect Trump’s administration may also generate some pause with developers, although it’s a bit too early to tell if that’s the primary factor here. Overall, easing monetary policy will help alleviate the backlog of projects in the planning queue throughout 2025 and spur more demand for projects in the coming months.” 

On the commercial side, slower data center, office, warehouse and retail planning drove much of this month’s decline, while strong growth in education planning informed much of the growth on the institutional side. The institutional portion of the DMI has grown in 5 of the last 6 months. 

In November, the DMI was 12% higher than year-ago levels. The commercial segment was up 13% from November 2023, while the institutional segment was up 8% over the same period. The influence of data centers on the DMI this year has been substantial. If we remove all data center projects in 2023 and 2024, commercial planning would be down 6% from year-ago levels, and the entire DMI would be down 1%. 

A total of 17 projects valued at $100 million or more entered planning throughout November. The largest commercial projects included $350 million Bally’s Hotel Tower and Casino in Las Vegas, Nevada and the $312 million Accokeek Data Center in Stafford, Virginia. The largest institutional projects to enter planning were the $465 million student dormitory at UC Berkeley, California and the $323 million Intensive Treatment Tower at Texas Health Presbyterian in Plano, Texas.  

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. 

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Slower planning across several segments drove weaker activity this month.

BEDFORD, M.A. – November 7, 2024 — The Dodge Momentum Index (DMI), issued by Dodge Construction Network, decreased 5.3% in October to 197.2 (2000=100) from the revised September reading of 208.2. Over the month, commercial planning fell 6.7%, and institutional planning declined 2.0%.  

“In addition to data center planning normalizing, a moderate pullback in the number of planning projects for several other nonresidential sectors also contributed to the decline in the Dodge Momentum Index for October,” stated Sarah Martin, associate director of forecasting at Dodge Construction Network. “Regardless, owners and developers remain confident in next year’s market conditions, and the planning queue remains poised to spur stronger construction activity in 2025, following deeper rate cuts by the Fed.”  

Most commercial categories faced declines throughout October, aside from hotel planning – which continued to gain momentum. On the institutional side, education and public planning activity expanded, offset by weaker activity in healthcare, recreational, and religious projects.  

This month, the DMI was 13% higher than in October of 2023. The commercial segment was up 18% from year-ago levels, while the institutional segment was up 3% over the same period. The influence of data centers on the DMI this year has been substantial. If we remove all data center projects from January to October, commercial planning would be down 4% from year-ago levels, and the entire DMI would be down 2%. 

A total of 18 projects valued at $100 million or more entered planning throughout October. The largest commercial projects included $450 million EdgeCloudLink Data Center in Houston, Texas and the $410 million GFT Hotel in Arlington, Texas. The largest institutional projects to enter planning were the $300 million Kellogg School Building at Northwestern University and the $270 million Primrose School of Stevens Ranch in San Antonio, Texas.  

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. 

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Slower data center momentum moderates planning activity over the month 

BEDFORD, M.A. – October 7, 2024 — The Dodge Momentum Index (DMI), issued by Dodge Construction Network, decreased 4.2% in September to 208.6 (2000=100) from the revised August reading of 217.7. Over the month, commercial planning contracted 7.8% and institutional planning improved 5.2%.  

“Despite this month’s decline, the Dodge Momentum Index remains at very robust levels”, stated Sarah Martin, associate director of forecasting at Dodge Construction Network. “A surge in data center activity drove much of the recent rapid growth in the DMI – so as planning for that sector moderated over the month, overall commercial planning fell back. By mid-2025, the Fed’s rate cuts should spur planning projects to reach groundbreaking more quickly – leading to stronger nonresidential activity as 2025 progresses.” 

Commercial planning generally receded over the month. After gaining some steam in recent months, warehouse, office and stores planning activity all slowed down. Hotels, on the other hand, have been gaining speed over the past five months, expanding steadily in September. Data centers continued to dominate large project activity, but the rate at which planning projects entered the queue continued to moderate from the above-average levels of growth in recent months. On the institutional side, education, healthcare and recreational projects were the primary drivers of this past month’s expansion, with only religious planning posting a decline. This month, the DMI was 21% higher than in September of 2023. The commercial segment was up 31% from year-ago levels, while the institutional segment was up 4% over the same period.  

 A total of 28 projects valued at $100 million or more entered planning throughout September. The largest commercial projects included the $390 million Project Nova Data Center in Eagan, Minnesota and Phase 1 and 2 of the SNA Data Center in Cedar Rapids, Iowa – valued at $375 million per phase. The largest institutional projects to enter planning were the $300 million Kairos Power R&D lab facility and the $215 million phase 2 of the Kentucky Exposition Center redevelopment in Louisville, Kentucky.  

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. 

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Planning momentum is gaining traction across several sectors ahead of rate cuts

BEDFORD, M.A. – September 9, 2024 — The Dodge Momentum Index (DMI), issued by Dodge Construction Network, increased 2.9% in August to 220.4 (2000=100) from the revised July reading of 214.2. Over the month, commercial planning expanded 1.9% and institutional planning improved 5.7%.  

“Owners and developers continued to prime the planning queue in August, ahead of next year’s anticipated stronger market conditions,” stated Sarah Martin, associate director of forecasting at Dodge Construction Network. “With the Fed’s September rate cut all but finalized, the influence of selective lending standards and inflation should moderate next year, alongside a modest upgrade to consumer demand. As a result, stronger planning activity was widespread in August, with most nonresidential sectors seeing growth.” 

Commercial planning saw another month of broad-based improvements. After slowing down in recent years, warehouse projects have gained momentum over the last three months. Hotels and retail planning have been steadily expanding as well. Data centers continued to dominate large project activity, but the rate at which planning projects entered the queue in August moderated after several months of very strong growth. On the institutional side, healthcare was the primary driver of this past month’s expansion, followed by recreational planning. In August, the DMI was 31% higher than in August of 2023. The commercial segment was up 42% from year-ago levels, while the institutional segment was up 8% over the same period.  

A total of 30 projects valued at $100 million or more entered planning throughout August. The largest commercial projects included the $500 million portion of the Tract Data Center Complex in Yuma, Arizona, and the $462 million KDC Data Center Campus in Irving, Texas. The largest institutional projects to enter planning were the $440 million Geisinger Medical Center Tower in Danville, Pennsylvania and the $240 million academic and research facility at the University of Cincinnati in Ohio.   

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. 

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Planning momentum is building across several commercial and institutional segments

BEDFORD, M.A. – August 7, 2024 — The Dodge Momentum Index (DMI), issued by Dodge Construction Network, increased 7.9% in July to 216.3 (2000=100) from the revised June reading of 200.5. Over the month, commercial planning increased by 6.8%, and institutional planning expanded by 11.1%.   

“While data centers have had an outsized influence on nonresidential planning activity in recent months, more momentum is building across many other major sectors and diversifying the story behind July’s growth,” stated Sarah Martin, associate director of forecasting at Dodge Construction Network. “The potential Fed rate cut in September is becoming increasingly more likely, alongside slower inflation and weaker labor market conditions. This is likely driving owners and developers to remain optimistic about 2025 market conditions and pushing more projects into the planning queue.” 

Within the commercial portion of the Index, growth was widespread across all segments. Data centers continued to play an important role in growth, and retail planning has been steadily accelerating over the past eight months. On the institutional side, healthcare was the primary driver of this month’s expansion. In July, the DMI was 17% higher than in July of 2023. The commercial segment was up 35% from year-ago levels, while the institutional segment was down 14% over the same period.  

A total of 23 projects valued at $100 million or more entered planning throughout July. The largest commercial projects included the $483 million Microsoft SAT82 Data Center in Castroville, Texas, and the $480 million Yorkville Data Center Campus in Little Rock Township, Illinois. The largest institutional projects to enter planning were the $325 million UCSF Children’s Hospital renovation in Oakland, California, and the $278 million Memorial Hermann Cypress Hospital expansion in Cypress, Texas.  

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. 

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Substantial growth in data center planning drives commercial momentum

BEDFORD, M.A. – July 9, 2024 — The Dodge Momentum Index (DMI), issued by Dodge Construction Network, increased by 10.4% in June to 198.6 (2000=100) from the revised May reading of 179.9. Over the month, commercial planning increased 14.5% and institutional planning ticked up 0.2%.   

“Data centers continued to dominate planning projects in June – fueling another strong month for commercial planning,” stated Sarah Martin, associate director of forecasting at Dodge Construction Network. “More momentum in planning, while not as strong as data centers, was seen across most segments and indicates confidence in 2025 market conditions. The DMI is up 43% from June 2019 levels, signaling strong construction spending in 2025.”   

Data center planning continued to be the primary driver of commercial growth in June, alongside moderate growth in retail, hotels, and warehouse projects. On the institutional side, weaker healthcare planning was offset by an improvement in education activity. Additionally, a large detention facility entered the queue last month and bolstered public planning as well.  

In June, the DMI was 7% higher than in June of 2023. The commercial segment was up 25% from year-ago levels, while the institutional segment was down 25% over the same period. 

A total of 38 projects valued at $100 million or more entered planning throughout June. The largest commercial projects included the $420 million Oaklawn Land Bay A Data Center in Leesburg, Virginia, and the $400 million PowerHouse Irving Data Center in Irving, Texas.  The most significant institutional projects to enter planning were the $305 million Horizon Juvenile Center Annex in Woodstock, New York, and the $285 million research and development buildings in San Diego, California.  

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. 

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Commercial planning gains steam while institutional projects retreat

BEDFORD, M.A. – June 7, 2024 — The Dodge Momentum Index (DMI), issued by Dodge Construction Network, increased 2.7% in May to 179.0 (2000=100) from the revised April reading of 174.3. Over the month, commercial planning progressed 5.5% and institutional planning slowed by 3.4%.

“Owners and developers are gaining confidence in 2025 market conditions, alongside more stable and predictable interest rates – spurring stronger commercial activity over the month,” stated Sarah Martin, associate director of forecasting at Dodge Construction Network. “Conversely, after last year’s growth, institutional planning is decelerating, as high material costs, labor shortages, and elevated interest rates seep into planning decisions. The overall DMI remains 40% higher than May 2019 levels, indicating a steady pipeline of construction projects that will be ready to break ground through mid-2025.”

Data center planning supported growth on the commercial side of the index in May, alongside a steady acceleration in retail planning over the last six months. Marginal increases in project activity were also seen in hotel and warehouse planning. For the third consecutive month, healthcare and education planning activity slowed – constraining total institutional planning momentum. Public project planning activity also slackened this month, while the value of amusement planning projects has been picking up speed recently. In May, the DMI was 7% lower than year-ago levels, following an abnormally strong May 2023. The commercial segment was up 8% from year-ago levels, while the institutional segment was down 32% over the same period.

A total of 19 projects valued at $100 million or more entered planning throughout the month of May. The largest commercial project included the $500 million renovation of the former Mirage Hotel to a Hard Rock Hotel and Casino in Las Vegas, Nevada. The next two largest commercial projects to enter planning included the $495 million Prime Data Center in Fort Worth, Texas and the $481 million Prime Data Center in Garland, Texas. The largest institutional projects to enter planning were the $377 million renovation project to Neyland Stadium at the University of Tennessee and the $350 million Woodland Research and Technology Office in Woodland, California.

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.

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