BOSTON, MA – November 7, 2025 — The Dodge Momentum Index (DMI), issued by Dodge Construction Network, decreased 7.1% in October to 283.3 (2000=100) from the upwardly revised reading of 304.8. Over the month, commercial planning declined 2.9% and institutional planning slowed by 15.2%. Year-to-date, the DMI is up 35% from the average reading over the same period in 2024.  

“After several months of record-breaking levels, planning momentum slowed in October,” stated Sarah Martin, Associate Director of Forecasting at Dodge Construction Network. “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. Anticipated increases in labor and material costs are also driving up project expenses and are inflating the overall trend in the DMI. In the coming months, Dodge anticipates activity to continue to decelerate on average, especially as macroeconomic risks continue to mount.” 

On the commercial side, activity slowed down for warehouses and hotels, while planning momentum was sustained for data centers, traditional office buildings and retail stores. On the institutional side, education and healthcare planning have slowed down, after strong activity in recent months. Meanwhile, recreational and public planning continued to grow. Year-over-year, the DMI was up 52% when compared to October 2024. The commercial segment was up 54% (+43% when data centers are removed) and the institutional segment was up 49% over the same period. 

A total of 45 projects valued at $100 million or more entered planning throughout October. The largest commercial project included Buildings 1,2, and 3 on the Amazon Data Center Campus in Hamlet, North Carolina – each valued at $500 million dollars. The $500 million CyrusOne Data Center in Talkington Township, Illinois and the $500 million Hut 8 Corp. Data Center in Batavia, Illinois also topped the list. The largest institutional projects to enter planning were the $400 million Scripps Memorial La Jolla Medical Tower III in San Diego, California, the $260 million SW Life Science Park in Philadelphia, Pennsylvania, and the $198 million Mission Hospital Expansion in Asheville, North Carolina. 

The DMI isa monthly measure based on the three-month moving value of nonresidential building projects going into planning, shown to lead construction spending for nonresidential buildings by a full year to 18 months.  

NEW ENGLAND - September 7, 2025. Ed Zarenski (www.edzarenski.com) reports 

We are still missing a lot of information. It was expected that much of the tariff costs would show up in Q3, or even Q4, so these costs are more likely to go up than down. But we can’t see those changes in cost. However, there are no shortage of reports of cost pressures. It’s much more than just tariffs.

Turner Nonres Bldgs Index is up 3.5% ytd for Q3, up 1.1%-1.2% each quarter.

Rider Levitt Bucknall Nonres Bldg Index for Q3 is up 3.3%, up 1.0%-1.1% each quarter.

Mortenson Nonres Bldgs Index is up 6.3% for 9 months.

Census New Single Family Home Index is up 3.9% YTD for 8 months thru Aug.

RS Means Nonres Bldgs Index is up 3.4% for 9 months, w/o margins.

The Producer Price Index for construction materials shows these items up greater than 4% ytd as of Aug: Concrete pipe, Paving Mixtures, Lumber/Plywood, all copper and aluminum wire and shapes.

30-year average inflation rate for residential and nonresidential buildings is 4.1%. But when excluding deflation in recession years 2008-2010, for nonresidential buildings the long-term average is 4.7% and for residential it’s 4.9%.

For Non-bldg Infrastructure the 30-year average is 3.6%. When excluding deflation in the recession years 2008-2010, Non-bldg long-term average inflation is 3.9%.

All of these long term averages went up in recent years because, instead of including 1991-1994 at 2%/yr, we are now including 2021-2024 at 7%-8%/yr. All long term and short term inflation rates went up.

Since 2011, Nonres Bldgs inflation is 4.8%, Residential is 5.4% and Non-bldg is 4.3%.

The forecast values carried in the following tables reflect trades and firms currently posted Q3 inflation trackers, using an assumption that rates tend to follow the current pattern and with no reasoning to assume a Q3/Q4 price decline.