Dodge Momentum Index Gains 2.4% in September 2026

The Dodge Momentum Index (DMI) rose 2.4% in September to 288.0 (2000=100), up from a downwardly revised August reading of 281.3, according to data released by Dodge Construction Network on October 9, 2026.

Institutional planning led the gain, expanding 9.4% over the month, while commercial planning declined 1.3%.

"Institutional planning led this month's growth, alongside a strong uptick in education, healthcare, and government building planning," said Sarah Martin, director of economic research at Dodge Construction Network. "Milder growth was seen across several other commercial sectors, as well. As steady growth resumes across most nonresidential sectors, construction spending in those sectors should see a marginally stronger late 2027."

What moved inside the commercial segment?

Commercial planning strengthened in retail stores, hotels, office buildings, and parking garages during September. That monthly gain was more than offset by weaker momentum in data center and warehouse planning, the report said.

The commercial portion of the index fell 3.0% year-over-year compared to September 2025. Strip out data centers, and that commercial segment would be down 14.9% from a year earlier, a gap driven by the surge in data center activity in late 2025 that is now unwinding.

How fast did institutional planning grow?

The institutional portion of the index climbed 17.2% year-over-year, driven by robust growth in education, healthcare, and public-sector planning. The September monthly gain of 9.4% was the strongest single-month contribution to the headline number.

Year-over-year, the headline DMI rose 3.7% compared to September 2025, the firm said.

Which projects entered planning?

Forty-five projects valued at $100 million or more entered planning in September, according to Dodge. The largest commercial entries:

• $480 million Project North data center, Jermyn, Pennsylvania
• $473 million EDCAUS15 data center, Bastrop, Texas
• $473 million EDCAUS16 data center, Bastrop, Texas

The largest institutional entries:

• $346 million Duke Raleigh Hospital addition, Raleigh, North Carolina
• $325 million Spartanburg Regional Heart & Vascular Hospital, Spartanburg, South Carolina
• $319 million WakeMed Hospital, Wendell, North Carolina

What does the index actually measure?

The DMI is a monthly measure based on the three-month moving value of nonresidential building projects going into planning. Dodge Construction Network has shown the index leads construction spending for nonresidential buildings by 12 to 18 months.

If that lead pattern holds, September's 288.0 reading points to firmer nonresidential construction spending through late 2027, consistent with Martin's outlook. The widening gap between institutional and commercial momentum, visible in the +17.2% versus -3.0% annual readings, suggests the planning pipeline is increasingly weighted toward public-sector and healthcare work over the next planning cycle.