Infrastructure

Dodge Momentum Index ticks higher in September

Written by David Schollaert

October 9, 2025

The Dodge Momentum Index (DMI) rose more than 3% in September, up for a fifth straight month. The index is now up 33% year-to-date, according to the latest data released by Dodge Construction Network.

Overall, the index increased 3.4% from a revised reading of 294.7 in August to 304.6 in September. The index for commercial buildings rose 4.7% to 362.5. And the institutional buildings index rose to 323.9, up 0.9% from 230.7 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 spending by 12-18 months.

Compared to the same month last year, the July DMI decreased 4%, with the commercial segment declining 8% and the institutional segment rising 5%.

Project types

Data centers and retail continued to drive growth, accounting for the greatest number of projects planned in the commercial building categories. The boost came even as warehouses, traditional office buildings, and hotels slowed.

Institutional building projects in education and recreational planning continued to decelerate from last month, though healthcare and public planning grew.

The gains “will correlate to stronger construction spending in early 2027,” said Sarah Martin, Dodge’s associate director of forecasting.

“After a prolonged period of uncertainty, owners and developers are advancing projects into planning, but activity is expected to normalize in future months,” added Martin.

Dodge notes that, excluding all data center projects planned between 2023 and 2025, the commercial planning segment would be up 44% compared to year-ago levels.

Fifty-eight projects valued at or above $100 million entered planning in September, including three data center projects in Illinois, Alabama, and South Dakota, with a combined value of between $300 million and $ 400 million each. Montana and Virginia are valued at $500 million and $360 million, respectively. The largest institutional projects were a $246 million school and a $227 million hospital in Texas, and a $158 million elementary and middle school complex in Connecticut, 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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