The Dodge Momentum Index (DMI), published by Dodge Construction Network, fell 7.1% in October to 283.3 (2000=100), down from a revised September level of 304.8. Commercial planning eased 2.9% for the month, while institutional planning saw a sharper 15.2% decline. Despite the pullback, the DMI remains strong overall—up 35% year-to-date compared with the same period in 2024.
“After several months of record-breaking levels, planning momentum slowed in October,” said Sarah Martin, Associate Director of Forecasting at Dodge Construction Network. “Activity remains robust, particularly in data centers and hospitals. But part of the recent growth reflects rising labor and material costs, which are inflating project values rather than signaling pure increases in real activity.” Martin added that Dodge expects planning activity to gradually decelerate in the months ahead as broader economic risks intensify.
Commercial planning softened in key segments such as warehouses and hotels, though activity held steady for data centers, office buildings, and retail. Institutional planning retreated for education and healthcare projects after strong gains earlier in the year, while recreation and public projects continued to trend upward. Compared with October 2024, the overall DMI was up 52%, with commercial planning up 54% (+43% excluding data centers) and institutional planning up 49%.
In October, 45 projects valued at $100 million or more entered the pipeline. Leading the commercial sector were three $500 million facilities—Buildings 1, 2, and 3 at Amazon’s Data Center Campus in Hamlet, North Carolina. Other major entries included the $500 million CyrusOne Data Center in Talkington Township, Illinois, and the $500 million Hut 8 Corp. Data Center in Batavia, Illinois. On the institutional side, top projects included the $400 million Scripps Memorial La Jolla Medical Tower III in San Diego; the $260 million SW Life Science Park in Philadelphia; and the $198 million Mission Hospital expansion in Asheville, North Carolina.
The DMI tracks the three-month moving average of nonresidential building projects entering planning and is a proven leading indicator for nonresidential construction spending by 12 to 18 months.
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