Market Data
November 7, 2025
Dodge Momentum Index slides in October
Written by David Schollaert
The Dodge Momentum Index (DMI) fell more than 7% in October, sliding for the first time in six months. Still, the index is up 35% year to date, according to the latest data released by Dodge Construction Network.
Overall, the index decreased 7.1% from a revised reading of 304.8 in September to 283.3 in October. The index for commercial buildings eased 2.9% to 354.0. And the institutional buildings index slumped to 195.8, down 15.2% from 231.0 previously, Dodge said in a press release earlier this week.
“After several months of record-breaking levels, planning momentum slowed in October,” said Sarah Martin, Dodge’s associate director of forecasting. “Activity remains solid across the board, especially for data centers and hospitals. However, recent growth should not solely be attributed to gains in real activity.”
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 October DMI rose 52%, with the commercial segment up 54% and the institutional segment rising 49%.
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 and hotels slowed.
Institutional building projects in education and recreational planning continued to decelerate from last month, though recreational and public planning grew.
The muted gains are due to an increase in labor and material costs, driving up project expenses and “inflating the overall trend in the DMI” Martin added.
“In the coming months, Dodge anticipates activity to continue to decelerate on average, especially as macroeconomic risks continue to mount,” Martin concluded.
Forty-five projects valued at or above $100 million entered planning in October, including three data center projects in North Carolina and Illinois with a combined value of $500 million each. The largest institutional projects were a $400-million medical building in San Diego, Calif., and a $260-million science complex in Philadelphia, DMI said.
