Dodge Momentum Index Grows 10% in December

(Illustration courtesy of Dodge Construction Network)

The Dodge Momentum Index, issued by Dodge Construction Network, Boston, grew 10.2% in December, largely due to growth in planning for commercial properties.

The DMI rose to 212.0 (2000=100) in December from the revised November reading of 192.3 as commercial planning increased 14.2% over the month while institutional planning improved 2.5%.

The index is a monthly measure of the value of nonresidential building projects going into planning, shown to lead construction spending for nonresidential buildings by a full year.

“Commercial activity rebounded strongly in December, thanks to a re-acceleration in data center and warehouse planning activity,” said Sarah Martin, associate director of forecasting at Dodge Construction Network. “Overall, the strong performance of the Momentum Index this past year is expected to support nonresidential construction spending throughout 2025.”

The report said data center and warehouse planning drove much of the growth on the commercial side, while stronger healthcare and education activity supported the institutional portion. The DMI was up 19% compared to a year ago. The commercial segment was up 30% from December 2023, while the institutional segment was flat over the same period.

Dodge noted data centers are significantly influencing the index. “If we remove all data center projects in 2023 and 2024, commercial planning would be up 8% from year-ago levels, and the entire DMI would be up 5%,” the report said.