Market Data
March 9, 2026
Dodge Momentum Index pulls back as planning normalizes
Written by Laura Miller
The Dodge Momentum Index (DMI) pulled back in February, as planning momentum normalized after a strong second half of 2025.
The Dodge Construction Network (DCN) reported a DMI reading of 250.0 in February, down 7.3% from January’s downwardly revised reading of 269.8. Commercial and institutional planning both slowed over the month.
“Planning momentum continued to normalize in February after a surge in activity in the back half of 2025,” said Sarah Martin, associate director of forecasting at DCN.
“Elevated risks around costs, labor, and geopolitics will continue to constrain builder confidence in the near-term but the robust planning pipeline suggests an acceleration in construction spending in 2027,” Martin noted.
Warehouses were the sole bright spot in the report, with all other commercial and institutional sectors seeing slowing momentum across February. Within institutional planning, public buildings saw the largest contraction.
“Despite widespread declines, project momentum for retail stores, recreational buildings, data centers, and healthcare facilities remain elevated,” DCN noted.
Compared to last year, February’s DMI was up 18.7%, with commercial up 12.3% and institutional up 34.0%.
Each month, DCN releases its DMI, based on the three-month moving average of nonresidential projects entering planning. The measure has been shown to lead construction spending by 12-18 months.
