Planning Activity Largely Stabilizes Over the Month��

BOSTON, MA��–��May��7,��2026��—��The ����������վ Momentum Index (DMI), issued by ����������վ, increased 6.2% in April to 264.2 (2000=100) from the downwardly revised March reading of 248.8. Over the month, commercial planning grew 8.1% and institutional planning momentum improved 1.5%. ����

“After three months of slowing momentum,��nonresidential planning��began��to find its footing��in April,” said Sarah Martin, Director of Economic Research at ����������վ. “Data centers��remain��the largest driver behind growth in the ����������վ Momentum Index, but several other sectors appeared to stabilize over the month. Macroeconomic risks��remain��weighted to the downside, with labor shortages, higher material costs and supply chain disruptions weighing on owner confidence in the near-term.”������

Planning activity for traditional office buildings, data centers, warehouses,��hotels��and parking garages grew in April, while retail store planning slowed pace.��On the institutional side,��education��and healthcare planning re-accelerated, while recreational,��public��and religious planning slowed down over the month. Year-over-year, the DMI was up 14.1% when compared to April 2025. The commercial segment was up 37.2% (+5.8% when data centers are removed) and the institutional segment was up 28.8% over the same period.����

A total of��44��projects valued at $100 million or more��entered��planning throughout��March.��The largest of those projects included��the $500 million Google Data Center (Building One) in Buffalo, West Virginia, the $470 million Stargate Data Center (Freebird Phase 2) in��Burlington, Texas and the $450 million Jay Data Center in Jay, Maine.��The largest institutional projects were the��$256 million Navy Seal Museum in San Diego, California, the $178 million Lurie Children’s Hospital in��Downer’s��Grove, Illinois, and the $175 million Unaccompanied Housing improvement project at Naval Base Coronado in California.��������

The DMI is a 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.����

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Data Centers Prop Up Planning, While Most Sectors Fall Back��

BOSTON, MA��–��April��7,��2026��—��The ����������վ Momentum Index (DMI), issued by ����������վ increased��1.8%��in��March��to��250.5��(2000=100) from the��downwardly��revised��February��reading of��246.2.��Over the month,��commercial planning��grew��7.0%��and��institutional planning��momentum��declined��8.8%.����

“Planning momentum in March was powered almost entirely by data center projects, with most other sectors easing back,” said Sarah Martin, Associate Director of Forecasting at ����������վ. “For some categories, this reflects a natural reset after the outsized growth��in late��2025. But for others, elevated macroeconomic��risks��are��likely��beginning��to feed into��planning��decisions.”��

On the commercial side,��planning momentum slowed across all commercial sectors apart from��data centers.��Institutional planning saw widespread weakness, with only education and public buildings moderately gaining traction.��Despite recent declines, the��DMI��remains��elevated.��Year-over-year, the��DMI��was up��25.8% when compared to��March��2025. The commercial segment was up��28.5%��(-12.7%��when data centers are removed)��and the institutional segment was up��19.6% over the same period.����

A total of��54��projects valued at $100 million or more��entered��planning throughout��February.��The largest of those projects included 17 individual buildings, each valued at $500 million, for the Amazon Data Center Campus in Hamlet, North Carolina. Similarly, ten individual buildings, each valued at $250 million, entered planning in relation to the Microsoft Data��Center��DSM50��in Dallas, Iowa. The largest institutional projects were the $245 million��MCLJ��Outpatient Pavilion in��San Diego, California, the $183 million Orlando Health Viera Hospital (Phase��1B) in Viera West, Florida, and the $175 million Bachelor Enlisted Quarters renovation project at Camp Pendleton North in San Diego, California.����

The��DMI��is a 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.����

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Nonresidential Planning��Continues to Normalize

BOSTON, MA��–��March��6,��2026��—��The ����������վ Momentum Index (DMI), issued by ����������վ declined 7.3% in February to 250.0 (2000=100) from the downwardly revised January reading of 269.8. Over the month, commercial planning fell 8.9%, and institutional planning momentum slowed by 4.0%. ��

“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 ����������վ. “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.”��

On the commercial side,��planning momentum slowed across all commercial sectors apart from��warehouses.��Within institutional planning,��all sectors slowed down with public buildings facing the largest contraction.��Despite widespread declines, project momentum for retail stores, recreational buildings, data��centers��and healthcare facilities��remain��elevated.��Year-over-year, the DMI was up��18.7% when compared to��February��2025. The commercial segment was up��12.3%��(+4.4%��when data centers are removed)��and��the institutional segment was up��34.0% over the same period.����

A total of��23��projects valued at $100 million or more��entered��planning throughout��February.��The largest commercial projects��included��the $500 million��CyrusOne Data Center in Whitney, Texas, the $448 million TX12 Data Center in San Antonio,��Texas��and Buildings 5 and 6 of the QTS DFW2 Data Center in Wilmer, Texas – each valued at $290 million.��The largest institutional projects to enter planning were the��$400 million Orange County Convention Center Grand Concourse expansion��(Phase 5A)��in Orlando, Florida,��a $254 million school replacement project in Upper Marlboro, Maryland, and the $250 million Langley F-22 Dormitory Building in Mclean, Virginia.����

The DMI is a 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.����

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Planning activity flattens over the month.

BOSTON, M.A. – March 12, 2025 — The ����������վ Momentum Index (DMI), issued by Construction Network, grew 0.7% in February to 225.6 (2000=100) from the revised January reading of 223.9. Over the month, commercial planning increased 3.3% while institutional planning fell 4.6%.����

“Planning momentum moderated in February, after a few months of stronger growth,” stated Sarah Martin, associate director of forecasting at ����������վ. “Data centers continue to prop up growth in the overall index. Without them, the DMI would have decreased 2% this month. Increased uncertainty around material prices and fiscal policies may begin to weigh on planning decisions, but for the time being, planning activity is largely continuing to move forward.”����

On the commercial side, data center, traditional office building, and retail planning led this month’s gains, while weaker education planning brought down the institutional portion. In February, the DMI was up 27% when compared to year-ago levels. The commercial segment was up 43% from February 2024, while the institutional segment was up 2% over the same period. The influence of data centers on the DMI this year remains substantial. If we remove all data center projects between 2023 and 2025, commercial planning would be up 12% from year-ago levels, and the entire DMI would be up 8%.����

A total of 26 projects valued at $100 million or more entered planning throughout February. The largest commercial projects included the $500 million Tract Data Center Park in Chester, Virginia, and the SAT93 and SAT94 Microsoft Data Center projects in San Antonio, Texas – each valued at $350 million. The largest institutional projects to enter planning were the $329 million Burlington High School in Burlington, Massachusetts, the $300 million T-Mobile Arena renovation in Las Vegas, Nevada, and the $300 million North Dakota State Hospital in Jamestown, North Dakota.����

The DMI 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.��

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Planning activity sees widespread growth over the month.

BOSTON, M.A. – February 7, 2025 — The ����������վ Momentum Index (DMI), issued by Construction Network, grew 5.6% in January to 225.7 (2000=100) from the revised December reading of 213.6. Over the month, commercial planning increased 4.2% while institutional planning improved 8.7%.����

“Nonresidential planning activity saw diversified growth in January, with every vertical experiencing positive momentum,” stated Sarah Martin, associate director of forecasting at ����������վ. “Uncertainty over fiscal policies, ongoing labor shortages and elevated construction costs will continue to be headwinds to the construction sector. However, further monetary easing and the sizable number of projects in planning should support construction spending in the back half of the year.”��

On the commercial side, data center, traditional office building, and warehouse planning led this month’s gains. Education and healthcare planning supported the institutional portion, especially on the hospital side. In January, the DMI was up 26% when compared to year-ago levels. The commercial segment was up 37% from January 2024, while the institutional segment was up 9% over the same period. The influence of data centers on the DMI this year remains substantial. If we remove all data center projects between 2023 and 2025, commercial planning would be up 13% from year-ago levels, and the entire DMI would be up 11%.��

A total of 33 projects valued at $100 million or more entered planning throughout January. The largest commercial projects included the $500 million Amazon Data Center in Jeffersonville, Ohio, and Phase 1 of the Hunter’s Ridge Data Center in Mclean, Virginia. The largest institutional projects to enter planning were the $407 million Memorial Hospital expansion in Colorado Springs, Colorado and the $300 million AdventHealth Hospital expansion in Parker, Colorado.��������

The DMI 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.��

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Commercial planning bounced back strongly over the month.

BOSTON, M.A. – January 8, 2024 — The ����������վ Momentum Index (DMI), issued by Construction Network, grew 10.2% in December to 212.0 (2000=100) from the revised November reading of 192.3. Over the month, commercial planning increased 14.2% while institutional planning improved 2.5%.��

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

On the commercial side, data center and warehouse planning drove much of the growth this month, while stronger healthcare and education activity supported the institutional portion. In December, the DMI was up 19% when compared to year-ago levels. The commercial segment was up 30% from December 2023, while the institutional segment was flat over the same period. The influence of data centers on the DMI this year has been substantial. 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%.

A total of 32 projects valued at $100 million or more entered planning throughout December. The largest commercial projects included six phases of the $1.6 billion Powerhouse 95 data center in Fredericksburg, Virginia, and four phases of the $1 billion Brambleton Data Center at Tech Park in Ashburn, Virginia. The largest institutional projects to enter planning were the $226 million OhioHealth Outpatient Cancer Center in Columbus, Ohio, and the $220 million county jail in Peoria, Illinois.��

The DMI 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.

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Most commercial sectors continued to fall back throughout the month.

BEDFORD, M.A. – December 6, 2024 — The ����������վ Momentum Index (DMI), issued by Construction Network, decreased 2.3% in November to 191.5 (2000=100) from the revised October reading of 196.0. Over the month, commercial planning fell 4.6% while institutional planning improved 2.5%.����

“Throughout 2024, we’ve seen robust growth in nonresidential planning activity – but labor shortages and high construction costs have prevented those projects from moving through the planning process at a normal pace. The current backlog may be constraining demand for commercial planning in the short-term,” stated Sarah Martin, associate director of forecasting at ����������վ. “Uncertainty over new tariff and immigration policies under President-elect Trump’s administration may also generate some pause with developers, although it’s a bit too early to tell if that’s the primary factor here. Overall, easing monetary policy will help alleviate the backlog of projects in the planning queue throughout 2025 and spur more demand for projects in the coming months.”��

On the commercial side, slower data center, office, warehouse and retail planning drove much of this month’s decline, while strong growth in education planning informed much of the growth on the institutional side. The institutional portion of the DMI has grown in 5 of the last 6 months.��

In November, the DMI was 12% higher than year-ago levels. The commercial segment was up 13% from November 2023, while the institutional segment was up 8% over the same period. The influence of data centers on the DMI this year has been substantial. If we remove all data center projects in 2023 and 2024, commercial planning would be down 6% from year-ago levels, and the entire DMI would be down 1%.��

A total of 17 projects valued at $100 million or more entered planning throughout November. The largest commercial projects included $350 million Bally’s Hotel Tower and Casino in Las Vegas, Nevada and the $312 million Accokeek Data Center in Stafford, Virginia. The largest institutional projects to enter planning were the $465 million student dormitory at UC Berkeley, California and the $323 million Intensive Treatment Tower at Texas Health Presbyterian in Plano, Texas.����

The DMI 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.��

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Slower planning across several segments drove weaker activity this month.

BEDFORD, M.A. – November 7, 2024 — The ����������վ Momentum Index (DMI), issued by Construction Network, decreased 5.3% in October to 197.2 (2000=100) from the revised September reading of 208.2. Over the month, commercial planning fell 6.7%, and institutional planning declined 2.0%.����

“In addition to data center planning normalizing, a moderate pullback in the number of planning projects for several other nonresidential sectors also contributed to the decline in the ����������վ Momentum Index for October,” stated Sarah Martin, associate director of forecasting at ����������վ. “Regardless, owners and developers remain confident in next year’s market conditions, and the planning queue remains poised to spur stronger construction activity in 2025, following deeper rate cuts by the Fed.”����

Most commercial categories faced declines throughout October, aside from hotel planning – which continued to gain momentum. On the institutional side, education and public planning activity expanded, offset by weaker activity in healthcare, recreational, and religious projects. ��

This month, the DMI was 13% higher than in October of 2023. The commercial segment was up 18% from year-ago levels, while the institutional segment was up 3% over the same period. The influence of data centers on the DMI this year has been substantial. If we remove all data center projects from January to October, commercial planning would be down 4% from year-ago levels, and the entire DMI would be down 2%.��

A total of 18 projects valued at $100 million or more entered planning throughout October. The largest commercial projects included $450 million EdgeCloudLink Data Center in Houston, Texas and the $410 million GFT Hotel in Arlington, Texas. The largest institutional projects to enter planning were the $300 million Kellogg School Building at Northwestern University and the $270 million Primrose School of Stevens Ranch in San Antonio, Texas.����

The DMI 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.��

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Slower data center momentum moderates planning activity over the month��

BEDFORD, M.A. – October 7, 2024 — The ����������վ Momentum Index (DMI), issued by Construction Network, decreased 4.2% in September to 208.6 (2000=100) from the revised August reading of 217.7. Over the month, commercial planning contracted 7.8% and institutional planning improved 5.2%.����

“Despite this month’s decline, the ����������վ Momentum Index remains at very robust levels”, stated Sarah Martin, associate director of forecasting at ����������վ. “A surge in data center activity drove much of the recent rapid growth in the DMI – so as planning for that sector moderated over the month, overall commercial planning fell back. By mid-2025, the Fed’s rate cuts should spur planning projects to reach groundbreaking more quickly – leading to stronger nonresidential activity as 2025 progresses.”��

Commercial planning generally receded over the month. After gaining some steam in recent months, warehouse, office and stores planning activity all slowed down. Hotels, on the other hand, have been gaining speed over the past five months, expanding steadily in September. Data centers continued to dominate large project activity, but the rate at which planning projects entered the queue continued to moderate from the above-average levels of growth in recent months. On the institutional side, education, healthcare and recreational projects were the primary drivers of this past month’s expansion, with only religious planning posting a decline. This month, the DMI was 21% higher than in September of 2023. The commercial segment was up 31% from year-ago levels, while the institutional segment was up 4% over the same period.����

��A total of 28 projects valued at $100 million or more entered planning throughout September. The largest commercial projects included the $390 million Project Nova Data Center in Eagan, Minnesota and Phase 1 and 2 of the SNA Data Center in Cedar Rapids, Iowa – valued at $375 million per phase. The largest institutional projects to enter planning were the $300 million Kairos Power R&D lab facility and the $215 million phase 2 of the Kentucky Exposition Center redevelopment in Louisville, Kentucky.����

The DMI 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.��

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Planning momentum is gaining traction across several sectors ahead of rate cuts

BEDFORD, M.A. – September 9, 2024 — The ����������վ Momentum Index (DMI), issued by Construction Network, increased 2.9% in August to 220.4 (2000=100) from the revised July reading of 214.2. Over the month, commercial planning expanded 1.9% and institutional planning improved 5.7%.����

“Owners and developers continued to prime the planning queue in August, ahead of next year’s anticipated stronger market conditions,” stated Sarah Martin, associate director of forecasting at ����������վ. “With the Fed’s September rate cut all but finalized, the influence of selective lending standards and inflation should moderate next year, alongside a modest upgrade to consumer demand. As a result, stronger planning activity was widespread in August, with most nonresidential sectors seeing growth.”��

Commercial planning saw another month of broad-based improvements. After slowing down in recent years, warehouse projects have gained momentum over the last three months. Hotels and retail planning have been steadily expanding as well. Data centers continued to dominate large project activity, but the rate at which planning projects entered the queue in August moderated after several months of very strong growth. On the institutional side, healthcare was the primary driver of this past month’s expansion, followed by recreational planning. In August, the DMI was 31% higher than in August of 2023. The commercial segment was up 42% from year-ago levels, while the institutional segment was up 8% over the same period.����

A total of 30 projects valued at $100 million or more entered planning throughout August. The largest commercial projects included the $500 million portion of the Tract Data Center Complex in Yuma, Arizona, and the $462 million KDC Data Center Campus in Irving, Texas. The largest institutional projects to enter planning were the $440 million Geisinger Medical Center Tower in Danville, Pennsylvania and the $240 million academic and research facility at the University of Cincinnati in Ohio.������

The DMI 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.��

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