Market Data
December 9, 2025
Dodge Momentum Index down 1% in November, up on year
Written by Kristen DiLandro
The Dodge Momentum Index (DMI) decreased 1% from October to November. However, it’s up 36% year-to-date from the average reading over the same period in 2024, according to the latest data released by Dodge Construction Network.
November’s index decreased 1.1% to 276.8 from 283.3 in October. Over the month, the index for commercial buildings slipped 0.1% from 348.8 in October to 348.3 in November, while institutional buildings fell 3.4% to 188.3.
Sarah Martin, associate director of forecasting at Dodge Construction Network, identified interest rates and data centers as significant considerations in November’s indices.
“The influx of high-value data center work, compounded by inflationary cost pressures, continues to support elevated DMI levels,” said Martin.
She added, “Overall, nonresidential construction is expected to strengthen in 2027, led primarily by data center and healthcare projects. Other nonresidential sectors are more likely to face softer demand and heightened macroeconomic risks.”
DMI reports 28 projects valued at $100 million or more entered into the planning phase in November.
Commercial activity
The commercial segment was up 57% compared to November 2024. When data centers are removed, commercial was up 36%. Warehouse and hotel construction activities slowed. However, commercial construction activity driven by data centers, traditional office buildings, and retail store projects remained strong.
DMI reports the largest commercial projects moving to planning include the $406 million Novva Mesa Data Center (Phase 2, 204MW) in Mesa, Ariz., as well as the $317 million Compass Data Center (Buildings 4 & 5) in Hoffman Estates, Ill., and the Medina Technology Data Center Park in Medina, Texas.
Institutional activity
Institutional construction projects for religious buildings increased in November. Meanwhile, education, healthcare, public and recreational planning projects all weakened after months of strong activity. The institutional segment was up 37% y/y. Overall, the monthly DMI is 50% higher y/y compared to November 2024.
The largest institutional projects entering planning in November included the $425 million school renovations in Novi, Mich. In addition, the $250 million James City County Government Complex relocation in Williamsburg, Va., entered planning. And planning began for the $180 million police and fire administration headquarters in Mountain View, Calif.
Each month, Dodge Construction Network releases its DMI, based on the three-month moving average of nonresidential projects entering planning, which has been shown to lead construction spending by 12-18 months.
