The Dodge Momentum Index (DMI), published by Dodge Construction Network, declined 7.3% in February to 250.0 (2000=100), down from the revised January reading of 269.8. Commercial planning dropped 8.9% during the month, while institutional planning fell 4.0%.
“Planning momentum continued to normalize in February after a surge in activity in the second half of 2025,” said Sarah Martin. She noted that concerns around costs, labor availability, and geopolitical uncertainty are likely to temper builder confidence in the near term. However, the strong pipeline of planned projects suggests construction spending could accelerate again by 2027.
Commercial planning slowed across nearly all sectors except warehouses. Institutional planning also declined broadly, with public buildings experiencing the sharpest contraction. Despite the overall pullback, activity for retail, recreation, data centers, and healthcare facilities remained strong. Year over year, the DMI rose 18.7% compared with February 2025. Commercial planning increased 12.3% (4.4% excluding data centers), while institutional planning jumped 34%.
During February, 23 projects valued at $100 million or more entered the planning phase. Major commercial projects included the $500 million CyrusOne Data Center in Whitney, Texas; the $448 million TX12 Data Center in San Antonio, Texas; and Buildings 5 and 6 of the QTS DFW2 Data Center in Wilmer, Texas, each valued at $290 million.
Among institutional projects, the largest were the $400 million Orange County Convention Center Grand Concourse Expansion (Phase 5A) in Orlando, Florida; a $254 million school replacement project in Upper Marlboro, Maryland; and the $250 million Langley F-22 Dormitory Building in McLean, Virginia.
The DMI tracks the three-month moving value of nonresidential building projects entering the planning stage and is widely viewed as a leading indicator of nonresidential construction spending, typically signaling activity 12 to 18 months ahead.
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