Analysis
June 8, 2026
Dodge Momentum increased in May
Written by David Schollaert
The Dodge Momentum Index (DMI) increased in May, up from a downwardly revised April reading.
Gains were again driven by data centers, though healthcare, retail, and office also grew vs. April.
The Dodge Construction Network (DCN) reported a DMI reading of 275.7 for May, up 5.9% from April’s downwardly revised reading of 260.4.
The DMI is a monthly reading based on the three-month moving average of nonresidential building projects entering planning. The measure is shown to lead nonresidential construction spending by 12 to 18 months, according to DCN.
While commercial planning grew 6.9% month over month (m/m) for traditional office buildings, data centers, and retail stores, momentum for warehousing, hotel, and parking garage planning slowed.
Institutional planning also rose, expanding 3.1% vs. April, driven by increased healthcare, government, and religious building planning activity. Still, educational and recreational building momentum slowed.
There was widespread weakness across institutional planning, which fell back 8.8% m/m.
“Nonresidential planning continued to stabilize throughout May,” said DCN Associate Director of Forecasting Sarah Martin. “Nonetheless, the broader outlook remains cautious, as persistent labor constraints, elevated material costs, and ongoing supply chain pressures weigh on owner sentiment in the near term.”
Still, the DCN noted that compared to last year, institutional planning was up 17.7% in May.
