Economy

Dodge Momentum Index surges in July
Written by Kristen DiLandro
August 11, 2025
The Dodge Momentum Index (DMI) jumped 20.8% in July and is now up 27% year-to-date, according to the latest data released by Dodge Construction Network.
Fueling growth
Overall, the index grew 20.8% from 232.1 in June to 280.4 in July. The index for commercial buildings rose 14.2% to 328.6, while the institutional buildings index surged 35.1% from 163.4 to 220.7.

Each month, the DMI assesses the value of nonresidential building projects entering the planning phase. The assessment is an indicator of nonresidential building construction spending for the year.
Compared to the same month last year, the July DMI increased 41%, with the institutional segment up 85% and the commercial segment rising 24%.
Project types
Data centers and warehouses account for the greatest number of projects planned in the commercial building categories. However, most growth in July came from institutional building projects. Mainly, education, healthcare, and public works projects.
“Planning data skyrocketed in the month of July on the back of several large projects entering the planning queue for data centers, research & development labs, hospitals, and service stations,” said Sarah Martin, Dodge’s associate director of forecasting.
Dodge notes that, excluding all data center projects planned between 2023 and 2025, the commercial planning segment would be up 26% compared to year-ago levels. Warehouse planning is the factor driving the increase.
Forty-seven projects valued at or above $100 million entered into planning in July. Two data center projects in Pennsylvania and North Carolina are valued at ~$500 million each. The largest institutional projects are research labs at Arizona State and San Diego State, valued at $459 million and $398 million, respectively.
An interactive history of the DMI is available on our website.

Kristen DiLandro
Read more from Kristen DiLandroLatest in Economy

Housing starts slide in August, but interest rate cut should help
Housing starts slowed in the US in August as affordability challenges and cautious builder sentiment weighed on new construction activity.

Second steel derivatives S232 inclusion window opens, business community voices concern
The US Department of Commerce announced that its second window for submitting applications for the inclusion of derivative steel and aluminum products in Section 232 tariffs is now open, according to the US Federal Register. September’s Inclusion Window Sept. 15 through Sept. 29, applicants can email requests for inclusions to the Defense Industrial Base Programs. The first […]

Steel Summit: ITR economist urges execs to prepare for growth, not recession
If the steel industry professionals who made it to the very final presentation of this year’s SMU Steel Summit were expecting another round of cautious forecasting, they were in for a surprise. Because what they got was a wake-up call.

ISM: Manufacturing growth remained down in August
US manufacturing activity remained muted in August despite a marginal gain from July's recent low, according to supply executives contributing to the Institute for Supply Management (ISM)’s latest report.

Steel Summit: Dr. Basu blames tariffs for riskier path ahead
Steel executives packed the main conference hall of the 2025 SMU Steel Summit on Tuesday, Aug. 26, to hear economist Dr. Anirban Basu lay out his blunt view of tariffs, inflation, and demand.