Dodge Momentum Index hits a 12-month high in June

The DMI tracks the value of nonresidential construction projects entering the planning stages. It typically leads construction spending by about 12 months.

“Data centers continued to dominate planning projects in June – fueling another strong month for commercial planning,” said Sarah Martin, associate director of forecasting at Dodge.

“More momentum in planning, while not as strong as data centers, was seen across most segments and indicates confidence in 2025 market conditions,” added Martin. “The DMI is up 43% from June 2019 levels, signaling strong construction spending in 2025.”  

The commercial building index was up 14.5% month over month in June. Though driven mostly by data center planning, the network noted moderate growth in retail, hotels, and warehouse projects as well.

However, Martin said that after last year’s growth, “Institutional planning is decelerating, as high material costs, labor shortages, and elevated interest rates seep into planning decisions.”

Institutional building inched 0.2% higher in June from May, as weaker healthcare planning was offset by an improvement in education activity. And while public planning was bolstered by the addition of a large detention facility to the queue last month, institutional segment planning was down 25% vs. last year. 

A total of 38 projects valued at $100 million or more entered planning throughout the month of June, DCN said.