Infrastructure

Dodge Momentum Index moves higher in August

Written by David Schollaert

September 10, 2025

The Dodge Momentum Index (DMI) rose 7.5% in August after jumping nearly 21% the month prior. The index is now up 30% year-to-date, according to the latest data released by Dodge Construction Network. 

Overall, the index increased 7.5% from a revised reading of 279.9 in July to 301.0 in August. The index for commercial buildings rose 8.7% to 357.0. And the institutional buildings index rose to 231.6, up 5.4% from 219.9 previously, Dodge said in a press release earlier this week.

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. Dodge says its index leads that spending by 12-18 months.

Compared to the same month last year, the July DMI increased 51%, with the institutional segment up 84% and the commercial segment rising 28%.

Project types

Data centers, warehouses, and hotels continued to drive growth, accounting for the greatest number of projects planned in the commercial building categories. The boost came even as institutional building projects in education and healthcare planning decelerated from last month’s growth.

“The DMI continues to point to stronger construction activity in late 2026 or early 2027 within specific sectors,” said Sarah Martin, Dodge’s associate director of forecasting.

While uncertainty caused by tariff concerns has plagued planning, “owners and developers have started progressing with projects while accepting higher costs,” added Martin.

Still, Martin cautioned that “volatility in planning activity will remain high” due to economic and fiscal uncertainty.

Dodge notes that, excluding all data center projects planned between 2023 and 2025, the commercial planning segment would be up 38% compared to year-ago levels. Warehouse and automotive are driving the increase. 

Fifty-one projects valued at or above $100 million entered into planning in August. Two data center projects in Montana and Virginia are valued at $500 million and $360 million, respectively. The largest institutional projects were a $490 million judicial center in Colorado, a $375 million medical complex dormitory in Texas, and a $360 million correctional institution renovation in Massachusetts, DMI said.

David Schollaert

David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.

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