Dodge Momentum Index Increases 3% in September

Strong September growth signals future moderation ahead.

BOSTON, MA – October 7, 2025 — 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. 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.  

“Planning momentum remained steadfast for data centers, healthcare, and public buildings throughout September and will correlate to stronger construction spending in early 2027,” stated Sarah Martin, Associate Director of Forecasting at Dodge Construction Network. “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 healthcare and public planning continued to grow. Year-over-year, the DMI was up 60% when compared to September 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, Illinois, the $384 million Meta Data Center (Phase 2) in Montgomery, Alabama, and the $300 million Gemini Data Center (500 MW) in Brandon, South Dakota. The largest institutional projects to enter planning were the $246 million Philip Anthony Senior High School (No. 2) in Princeton, Texas, the $227 million HCA Medical City Healthcare Hospital in Prosper, Texas, and the $158 million East Stamford Elementary School and Middle School in Stamford, Connecticut.  

The DMI is a monthly measure based on the three-month moving value of nonresidential building projects going into planning, shown to lead construction spending for nonresidential buildings by a full year to 18 months.