Broad-based Gains Signal Unexpected Strength

BOSTON, MA 鈥� May 20, 2026 鈥�听Total 91探花 starts听rose听9.0% in听April听to a seasonally adjusted听annual rate of听$1.33听trillion,听according to听. Nonresidential building starts grew by 18.6%, nonbuilding starts increased 7.0%, and residential starts fell 0.7% over the month. On a year-to-date basis, total 91探花 starts were up 5.4% through April. Nonresidential starts were up 9.1%, nonbuilding starts improved by 12.3%, and residential starts were down 4.5% over the same period. For the 12 months ending April 2026, total 91探花 starts were up 8.1% from the 12 months ending April 2025. Residential starts were down 4.4%, nonresidential starts were up 10.0% and nonbuilding was up 19.5%.听听

鈥淎pril鈥檚 91探花 starts were robust with only three categories posting month over month losses,鈥澨齭tated听Eric Gaus, Chief Economist of 91探花.听鈥淟arge听data centers and energy generation supported the growth, but 9 of the 15 categories saw听double听or triple听digit听growth.鈥�听

Nonresidential听

Nonresidential building starts听improved 18.6% in听April听to a seasonally adjusted annual rate of听$550听billion. Commercial starts were听up听41.4%, mostly driven by the听46.1% m/m听increase in听offices and data centers,听however all sectors experienced growth; parking garages (120.4% m/m), warehouses (+25.0% m/m),听hotels (+12.8% m/m),听and听stores (+5.0% m/m). Institutional starts听gained听12.3% over the month,听with all sub-categories听experiencing growth; other institutional categories (+15.1% m/m),听education (+13.2% m/m),听and healthcare (+4.6%).听Manufacturing 91探花听gave up听29.3% m/m听after an astounding 251.4% growth in March. On a year-to-date basis through April, nonresidential starts are听up 9.1%. Commercial and industrial 91探花 gained听30.4%, while institutional starts are down 12.1% over the same period.听听

For the 12 months ending听April听2026, total nonresidential starts were up听10.0% compared to the 12 months ending听April听2025. Commercial starts were up听25.1%, institutional starts decreased听3.8%, and manufacturing starts were up听20.9% over the same period.听听

The largest nonresidential building projects to break ground in April were the $5.0 billion Provident/PowerHouse Prairie Ridge Data Center Phase 1 in Midlothian, TX, the $1.9 billion SK Hynix HBM Advanced Packaging & R&D Hub project in West Lafayette, IN, and the $1.3 million Stargate Data Center Campus project in Saline Township, MI.听

Nonbuilding

Nonbuilding听91探花听starts听increased听7.0% in听April听to a seasonally adjusted annual rate of听$394听billion.听Strong听double digit听gains in miscellaneous nonbuilding听(+18.1%听m/m),听highways and bridges (+17.0% m/m) and environmental public works (+16.3% m/m) reversed听losses听from the previous month.听Electric power/utilities segment fell 9.7%听but听levels听remain听bolstered by large natural gas facilities and large renewable projects.听On a year-to-date basis through听April, nonbuilding 91探花 was up听12.3% alongside the听79.3% year-to-date growth in electric power/utilities. The remaining public works sectors, however, are seeing deeper year-to-date declines.听听

For the 12 months ending听April听2026, total nonbuilding starts were up听19.5%.听Environmental public works听fell听by听2.2% compared to the 12 months ending听April听2025.听Highway and bridge听starts听were听down听0.9%, miscellaneous nonbuilding starts were up听35.6%听and听utility/gas starts increased听62.0% over the same period.听听

The largest nonbuilding projects to break ground in听April听included听the听$3.8听billion听Bison Generation Station Natural Gas Power听Plant听听in听ND,听the听$3.3听billion听Cayuga Station Natural Gas Energy Replacement听in听Cayuga,听IN, and the听$1.0 billion听Tradepoint Atlantic Container Terminal听in听Edgemere,听MD.

Residential听

Residential building starts听fell听by听0.7% in听April听to a seasonally adjusted annual rate of听$383听billion. Single family starts听increased听4.2%听m/m,听and听multifamily starts听fell听7.2%听m/m.听On a year-to-date听basis, residential starts are down听4.5%,听with single family starts听down听10.9% and multifamily starts听up听7.9%.听

For the 12 months ending听April听2026, total residential starts fell听4.4%. Single family starts fell听15.0% compared to the 12 months ending听April听2025, and multifamily starts increased听17.4% over the same period.听听

The largest multifamily structures to break ground in听April听were the $850听million听Gowanus Wharf 175 3rd Street Mixed Use Development听in听Gowanus,听NY, the $354听million听Deerfield Episcopal Retirement Community III (Expansion)听project听Asheville,听NC听and $303听million听Archer Towers Mixed Use Development-Garage (Phase 2)听project in听Jamaica, NY.听听

Regionally, total 91探花 starts in听April听rose听in听the听Midwest (+66.9% m/m),听the Northeast (+19.9% m/m),听and听the听South Atlantic (+9.3% m/m).听Meanwhile,听the South Central (-14.5% m/m), and the West (-8.6% m/m) saw declines.

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Planning Activity Largely Stabilizes Over the Month听

BOSTON, MA听鈥撎齅ay听7,听2026听鈥�听The Dodge Momentum Index (DMI), issued by 91探花, 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%. 听听

鈥淎fter three months of slowing momentum,听nonresidential planning听began听to find its footing听in April,鈥� said Sarah Martin, Director of Economic Research at 91探花. 鈥淒ata centers听remain听the largest driver behind growth in the Dodge Momentum Index, but several other sectors appeared to stabilize over the month. Macroeconomic risks听remain听weighted to the downside, with labor shortages, higher material costs and supply chain disruptions weighing on owner confidence in the near-term.鈥澨�听听

Planning activity for traditional office buildings, data centers, warehouses,听hotels听and parking garages grew in April, while retail store planning slowed pace.听On the institutional side,听education听and healthcare planning re-accelerated, while recreational,听public听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.听听

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

The DMI is a monthly measure听based on the three-month moving听value of听nonresidential building projects听going into听planning, shown to lead 91探花 spending for nonresidential buildings by a full year听to听18 months.听听

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Manufacturing, Utilities, and Multifamily Lead the Way

BOSTON, MA 鈥� April 17, 2026 鈥�听Total 91探花 starts听rose 12.8% in听March听to a seasonally adjusted听annual rate of听$1.22听trillion,听according to听Dodge 91探花听Network. Nonresidential building starts grew by 6.3%, residential starts improved 2.6%, and nonbuilding starts rebounded 37.9% over the month. On a year-to-date basis, total 91探花 starts were down 0.5% through March. Nonresidential starts were down 0.2%, residential starts were down 7.2% and nonbuilding starts improved by 6.4% over the same period. For the 12 months ending March 2026, total 91探花 starts were up 5.4% from the 12 months ending March 2025. Residential starts were down 5.3%, nonresidential starts were up 6.5% and nonbuilding was up 15.8%. 听

鈥淎听few strong categories overcame听slight听weakness in all the others in March,鈥澨齭tated听Eric Gaus, Chief Economist of 91探花. 鈥淭he commercial segment听shows the most strength with听12 month听growth for all sub-categories except warehousing.鈥�听

Nonbuilding

Nonbuilding听91探花听starts听jumped听37.9% in听March听to a seasonally adjusted annual rate of听$369 billion. Three mega-projects continued the flip-flopping streak in the electric power/utilities segment, which popped up 353.6% m/m in March. Miscellaneous nonbuilding increased as well, rising 44.0% over the month. Conversely, highways and bridges (-13.6% m/m) and environmental public works (-4.1% m/m) reversed gains from the previous month. On a year-to-date basis through March, nonbuilding 91探花 was up听6.4% alongside the听68.6% year-to-date growth in electric power/utilities. The remaining public works sectors, however, are seeing deeper year-to-date declines.听听

For the 12 months ending听March听2026, total nonbuilding starts were up听15.8%.听Environmental public works听fell听by听6.4% compared to the 12 months ending听March听2025.听Highway and bridge听starts听were听down听1.0%, miscellaneous nonbuilding starts were up听34.9%听and听utility/gas starts increased听52.3% over the same period.听听

The largest nonbuilding projects to break ground in听March听included听the听$2.5 billion听Darden Clean Energy Project听in Cantua听Creak, CA,听the $2.0 billion听Phase 1听Natural Gas Plant/Site Infrastructure听in Panhandle, TX, and the听$2.0 billion听CPV Basin Ranch Energy Center听in Barstow, TX.听听

Nonresidential听

Nonresidential building starts improved 6.3% in March to a seasonally adjusted annual rate of $466 billion. Commercial starts were down 9.2%, mostly driven by the 16.0% m/m pull back in offices and data centers. Warehouses (-6.6% m/m) also lost ground in March, while, hotels (+19.3% m/m), stores (+5.6% m/m), and parking garages (0.8% m/m) made gains. Institutional starts contracted 1.5% over the month, despite growth in education (+3.4% m/m) and healthcare (+9.7%). Other institutional categories more than offset that growth, dropping 11.8% m/m. After a lackluster February, manufacturing 91探花 also bounced back, increasing by 251.9% m/m. On a year-to-date basis through March, nonresidential starts are down 0.2%. Commercial and industrial 91探花 gained 18.0%, while institutional starts are down -17.8% over the same period. 听

For the 12 months ending听March听2026, total听nonresidential听starts were up听6.5% compared to the 12 months ending听March听2025. Commercial starts were up听19.2%, institutional starts听decreased听5.7%, and manufacturing starts were听up听20.2% over the same period.听听

The largest nonresidential building projects to break ground in听March听were听the听$3.4 billion听Shintech听Ethylene PEP-2 & Vinyl Chloride Monomer (SPP-4)听in听Plaquemine, LA,听the听$2.4 billion听Savannah River Plutonium Processing Facility听project in Aiken, SC, and听the $953听million听Port Terminal 1 Replacement听project in听Anchorage,听AK.听

Residential听

Residential building starts grew by 2.6% in March to a seasonally adjusted annual rate of $385 billion. Single family starts decreased 5.3% m/m, and multifamily starts expanded by 15.3% m/m. On a year-to-date basis, residential starts are down 7.2%, with single family starts down 14.1% and multifamily starts up 6.1%.听

For the 12 months ending听March听2026, total residential starts fell听5.3%. Single family听starts听fell听15.7% compared to the 12 months ending听March听2025, and multifamily starts increased听16.3% over the same period.听听

The largest multifamily structures to break ground in听March听were the $727 million听Discovery Park (PA 31) Apartments听in Irvine,听CA, the $577 million听Harborside 4 Residential Tower听project Jersey City, NJ and $420 million听61 Broadway Residential Conversion听project in New York, NY.听听

Regionally,听total 91探花 starts in听March听rose听in听and听the South Central (+41.7% m/m),听the West (+22.1% m/m)听,听the South Atlantic (+7.5% m/m) and the Northeast听(+3.1% m/m).听Meanwhile,听the听Midwest (-15.1% m/m) was the only region to see a decline.听听

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

BOSTON, MA听鈥撎鼳pril听7,听2026听鈥�听The Dodge Momentum Index (DMI), issued by 91探花 increased听1.8%听in听March听to听250.5听(2000=100) from the听downwardly听revised听February听reading of听246.2.听Over the month,听commercial planning听grew听7.0%听and听institutional planning听momentum听declined听8.8%.听听

鈥淧lanning momentum in March was powered almost entirely by data center projects, with most other sectors easing back,鈥� said Sarah Martin, Associate Director of Forecasting at 91探花. 鈥淔or some categories, this reflects a natural reset after the outsized growth听in late听2025. But for others, elevated macroeconomic听risks听are听likely听beginning听to feed into听planning听decisions.鈥�听

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

A total of听54听projects valued at $100 million or more听entered听planning throughout听February.听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听Center听DSM50听in Dallas, Iowa. The largest institutional projects were the $245 million听MCLJ听Outpatient Pavilion in听San Diego, California, the $183 million Orlando Health Viera Hospital (Phase听1B) in Viera West, Florida, and the $175 million Bachelor Enlisted Quarters renovation project at Camp Pendleton North in San Diego, California.听听

The听DMI听is a monthly measure听based on the three-month moving听value of听nonresidential building projects听going into听planning, shown to lead 91探花 spending for nonresidential buildings by a full year听to听18 months.听听

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Cooling听nonbuilding听activity听leads听to a听broader听slowdown

BOSTON,听MA听鈥斕齅arch听20, 2026听鈥�听Total 91探花 starts听declined听13.2% in听February听to a seasonally adjusted听annual rate of听$1.08听trillion,听according to听.听Nonresidential building听starts听rebounded听by听17.8%,听residential starts听improved听8.3%,听and听nonbuilding starts听declined听49.4%听over the month.听On a year-to-date听basis, total 91探花 starts were听down听1.9%听through February. Nonresidential starts were down听2.0%, residential starts were down听12.4%听and听nonbuilding starts听improved听by听9.9% over the same period.听For the 12 months ending听February听2026, total 91探花 starts were up听5.2% from the 12 months ending听February听2025. Residential starts were down 6.3%, nonresidential starts were up听6.1%听and听nonbuilding was up听17.0%.听听听

鈥淎fter a weak start to the year, nonresidential and residential听building starts steadily rebounded听throughout February,鈥澨齭tated听Sarah Martin, Associate Director of Forecast at 91探花. 鈥淐onversely, nonbuilding activity slowed down last month 鈥� normalizing from elevated levels听in January.鈥�听

Residential听

Residential building starts听grew听by听8.3% in听February听to a seasonally adjusted annual rate of听$374听billion. Single family starts听increased听4.0%听m/m,听and听multifamily starts听expanded听by听15.9%听m/m.听On a year-to-date听basis, residential starts are down听12.4%,听with single family starts听down听17.5% and multifamily starts down听2.8%.听

For the 12 months ending听February听2026, total residential starts fell 6.3%. Single family starts fell听16.2% compared to the 12 months ending听February听2025, and multifamily starts increased听14.9% over the same period.听听

The largest multifamily structures to break ground in听February听were the $757 million Bay View Houses Renovation project in Canarsie, New York, the $311 million Universal Building听North听and $265 million Universal Building South within the Geneva Residential Conversion project in Washington, D.C.听听

Nonresidential听

Nonresidential building听starts听improved听17.8%听in听February听to听a seasonally adjusted annual rate of听$442听billion. Commercial starts were听up 48.5%, solely driven by the 159.6% m/m growth in offices and data centers. Meanwhile, stores (-4.7% m/m), parking garages (-23.1% m/m), hotels (-7.9% m/m) and warehouses (-12.1% m/m) all lost pace throughout February. Institutional starts also expanded 8.7% over the month,听alongside steady growth in education (+19.6% m/m) and the remaining institutional categories (+56.4%). Healthcare 91探花 continued to pullback, dropping 46.6% m/m. After a strong January, manufacturing 91探花 also slowed down, pulling back 54.1% m/m. On a year-to-date basis through February, nonresidential starts are down 2.0%. Commercial and industrial 91探花 is up 22.9%, while institutional starts are down 22.7% over the same period.听听

For the 12 months ending听February听2026, total nonresidential starts were up听6.1% compared to the 12 months ending听February听2025. Commercial starts were up听20.2%, institutional starts听decreased听5.6%, and manufacturing starts were听up听12.9% over the same period.听听

The largest nonresidential building projects to break ground in听February听were听the $3 billion Google Data Center Campus (Project Meitner) in Miami,听Texas, the听$3 billion听Polaris Forge 2 AI Data Center in Harwood, North Dakota, and the听$1.53 billion听Tampa International Airport Airside D project in Tampa, Florida.听听

Nonbuilding

Nonbuilding听91探花听starts听decelerated听49.4% in听February听to a seasonally adjusted annual rate of听$265听billion.听After听nearly 200%听growth in January, electric power/utilities 91探花 normalized in February and dropped 90.1% m/m.听Miscellaneous nonbuilding declined as well, falling back 12.3% over the month. Conversely, highways and bridges (+18.8% m/m)听and听environmental public works (+4.8% m/m)听saw improvements.听On a year-to-date basis through February, nonbuilding 91探花 was up 9.9% alongside the 133.8% year-to-date growth in electric power/utilities. The remaining public works sectors, however, are seeing deeper year-to-date declines.听听

For the 12 months ending听February听2026, total nonbuilding starts were up听17.0%.听Environmental public works听fell听by听6.4% compared to the 12 months ending听February听2025.听Highway and bridge starts were听down听0.2%, miscellaneous nonbuilding starts were up听32.9%听and听utility/gas starts increased听59.3% over the same period.听听

The largest nonbuilding projects to break ground in听February听included the听$564 million听SR 400 (I-4) highway development in Celebration, Florida, the $389 million 1-94 re91探花 project in Romulus, Michigan and the $386 million Allegheny County Wet Weather Pump Station in Pittsburgh, Pennsylvania.听听

Regionally,听total 91探花 starts in听February听rose听in听the听Midwest听(+41.0%听m/m)听and the West (+4.2% m/m). Meanwhile, starts receded in the Northeast (-38.1% m/m), the South Atlantic (-4.9% m/m) and听the South Central (-37.7% m/m).听听

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Nonresidential Planning听Continues to Normalize

BOSTON, MA听鈥撎齅arch听6,听2026听鈥�听The Dodge Momentum Index (DMI), issued by 91探花 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%. 听

鈥淧lanning momentum听continued听to normalize听in February听after听a surge in activity听in the back half of 2025,鈥澨齭aid Sarah Martin, Associate Director of Forecasting at 91探花. 鈥淓levated risks around costs, labor, and geopolitics will continue to constrain听builder听confidence in the near-term but the robust planning pipeline suggests an acceleration in 91探花 spending in 2027.鈥�听

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

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

The DMI is a monthly measure听based on the three-month moving听value of听nonresidential building projects听going into听planning, shown to lead 91探花 spending for nonresidential buildings by a full year听to听18 months.听听

听

The post Dodge Momentum Index Declines 7% in February appeared first on 91探花.

Topline growth obscures general weakness

BOSTON,听MA听鈥斕鼺ebruary听20, 2026听鈥�听Total 91探花 starts听expanded听0.7% in听January听to a seasonally adjusted听annual rate of听$1.24听trillion,听according to听. Nonresidential building starts fell by 15.4%, residential starts decreased 6.4%, and nonbuilding starts grew 24.3% over the month. On a year-over-year basis, total 91探花 starts were up 5.0% from January 2025. Nonresidential starts were down 10.3%, residential starts were down 17.0% and nonbuilding starts were up by 46.1% over the same period. For the 12 months ending January 2026, total 91探花 starts were up 6.1% from the 12 months ending January 2025. Residential starts were down 6.0%, nonresidential starts were up 5.5% and nonbuilding was up 21.0%. 听

鈥淣onbuilding听91探花听remained听the primary engine of growth听in听the first month of 2026,鈥澨齭tated听Eric Gaus Chief Economist听at 91探花. 鈥淭hree mega projects in the nonbuilding sector accounted for nearly听$20 billion听or almost half of the growth in January,听which would mean total 91探花 would have been negative without those three projects.鈥澨�听

Residential听

Residential building starts听fell听by听6.4% in听January听to a seasonally adjusted annual rate of听$345听billion. Single family starts听increased听1.5%听m/m, while multifamily starts听fell by听17.8%听m/m.听On a year-over-year basis, residential starts are down听17.0% compared to January 2025,听with single family starts听down听21.5% and multifamily starts down听9.2%.听

For the 12 months ending听January听2026, total residential starts fell听6.0%. Single family starts fell听15.2% compared to the 12 months ending听January听2025, and multifamily starts increased听13.6% over the same period.听听

The largest multifamily structures to break ground in听January听were the听$335听million听38 Gramercy Park East Condominiums听in听New York, New York, the $265听million听Lakeview Residence听in听West Palm Beach,听Florida听and the $200听million听Homestead Gateway Mixed Residential Tower听in听Jersey City,听New Jersy.听听

Nonresidential听

Nonresidential building starts听decreased听15.4%听in听January听to听a seasonally adjusted annual rate of听$378听billion. Commercial starts were听down听27.3%,听alongside听a drop听in offices and data centers (-52.2% m/m),听parking garages (-6.7% m/m)听and听hotels (-17.4% m/m). Meanwhile,听warehouses (+10.2% m/m)听and听retail starts (+6.5% m/m)听posted an increase听between听December听and听January. Institutional starts听declined听15.2%, driven by weaker education (-21.9% m/m) and miscellaneous institutional (-26.1% m/m) starts. This decline was partially offset by听10.5% m/m growth in healthcare facility starts. Manufacturing, meanwhile, pulled听up by听97.5% in听January.听On a year-over-year basis, nonresidential starts are down听10.3% compared to January 2025. Commercial starts are听up听14.2%听and听institutional starts are down听29.6% over the same period.听听听

For the 12 months ending听January听2026, total nonresidential starts were up听5.5% compared to the 12 months ending听January听2025. Commercial starts were up听19.4%, institutional starts听decreased听4.4%, and manufacturing starts were听up听3.5% over the same period.听听

The largest nonresidential building projects to break ground in听January听were the听$1.2听billion听New York Presbyterian Cancer Center听in听New York, New York, the听$1 billion听Amkor Semiconductor Advanced Packaging听(Phase 1)听in听Peoria,听Arizona听and the $714 million听QTS CLT1 Data Center听(Phase听1) in听York,听South Carolina.听听

Nonbuilding

Nonbuilding 91探花听starts听grew听24.3% in听January听to a seasonally adjusted annual rate of听$522听billion.听The category was听held up听solely听by the electric power/utilities which soared by 184.8%.听However听highways and bridges (-42.3% m/m),听miscellaneous nonbuilding听(-31.5% m/m)听and environmental public works (-5.9% m/m)听faced declines.听听

For the 12 months ending听January听2026, total nonbuilding starts were up听21.0%.听Environmental public works听fell听by听5.3% compared to the 12 months ending听January听2025.听Highway and bridge starts were up听3.4%, miscellaneous nonbuilding starts were up听36.2%听and听utility/gas starts increased听67.9% over the same period.听听

The largest nonbuilding projects to break ground in听January听included the听$12听billion听Port Arthur LNG – Liquefaction Phase 2 (Trains 3 & 4)听in听Port Arthur, Texas, the听$6 billion听Homer City Energy Campus 4.4听GW听in听Homer City, Pennsylvania听and the听$1.5 billion听Tehuacana Creek 1 Solar and Battery Storage听project in听Navarro,听Texas.听听

Regionally,听total 91探花 starts in听January听rose听in听the听Northeast (+32.0%听m/m),听the South Central (+9.6% m/m), and听the South Atlantic (+2.2% m/m).听Meanwhile, starts slowed down in听the West (-21.1% m/m)听and the Midwest (-12.6% m/m).听

听

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Nonresidential Planning Levels Off;听Data Centers听Continue to Support Strong Levels听

BOSTON, MA听鈥撎鼺ebruary 6,听2026听鈥�听The Dodge Momentum Index (DMI), issued by听Dodge听91探花 Network, declined 6.3% in January to 272.7 (2000=100) from the downwardly revised December reading of 291.0. Over the month, commercial planning fell 7.2% and institutional planning momentum slowed by 4.4%. 听

鈥淧lanning momentum听cooled in January across most commercial and institutional sectors,鈥� said Sarah Martin, Associate Director of Forecasting at 91探花. 鈥淒ata center projects continue to lead the way, but after听elevated activity in late 2025,听most听nonresidential sectors are now easing into a听more sustainable听growth pattern.鈥�听

On the commercial side, planning momentum slowed across all commercial sectors apart from retail stores. Within institutional planning, education, healthcare and public building planning slowed in January 鈥� while recreational and religious building projects continued to expand. 听

Year-over-year, the DMI was up 29% when compared to January 2025. The commercial segment was up 26% (+17% when data centers are removed) and the institutional segment was up 34% over the same period. 听

A total of 35 projects valued at $100 million or more entered planning throughout January. The largest commercial projects included the $500 million IEP Data Center (Project Hummingbird) in Monongahela Township, Pennsylvania, the $400 million Mountain Road Technology Park Data Center in Glen Allen, Virginia, and the $350 million Bitfarm Data Center in Nesquehoning, Pennsylvania. The largest institutional projects to enter planning were the $250 million USACE Barracks in Fort Hood, Texas, the $175 million UEPH Barracks at Joint Base Myer-Henderson in Arlington, Virginia, and the $148 million Eurofins Lancaster Biopharmaceutical Laboratory and Office Building in Lancaster, Pennsylvania. 听

The DMI is a monthly measure based on the three-month moving value of nonresidential building projects going into planning, shown to lead 91探花 spending for nonresidential buildings by a full year to 18 months. 听

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Nonbuilding & data center starts听drove 2025 growth.

BOSTON,听MA听鈥斕齁anuary听23, 2026听鈥�听Total 91探花 starts听expanded听2.6% in听December听to a seasonally adjusted听annual rate of听$1.24听trillion,听according to听. Nonresidential building starts fell by 6.6%, residential starts increased 1.0%, and nonbuilding starts grew 16.3% over the month. For the full year, total 91探花 starts expanded 5.4%. Nonresidential starts were up 4.5%, residential starts were down 4.8% and nonbuilding starts were 18.7% higher when compared to 2024. 听

鈥淣onbuilding听91探花, alongside data centers,听was听the primary engine of growth听in 2025, supporting a 5.4% expansion听in the听total听dollar-value听of听starts,鈥澨齭tated听Sarah Martin, Associate Director of Forecasting at 91探花. 鈥淚n square footage terms, however, building starts declined 4.7% alongside weaker residential, manufacturing, and institutional听activity.鈥澨�听

Residential听

Residential building starts rose by 1.0% in December to a seasonally adjusted annual rate of $370 billion. Single family starts decreased 4.5% m/m, while multifamily starts gained 10.2% m/m. In 2025, residential starts decreased 4.8% 鈥� with single family starts down 13.2% and multifamily starts up 13.1%. 听

The largest multifamily structures to break ground in听December听were the听$502 million Launiu Ward Village Condominiums in Honolulu, Hawaii, the $500 million The Alloy Block Residential Tower (Phase 2) in Boerum Hill, New York and the $272 million SDSU Mission Valley Residential Building in San Diego, California.听听

Nonresidential听

Nonresidential building starts听decreased听6.6%听in听December听to听a seasonally adjusted annual rate of听$450听billion. Commercial starts were听up听9.8%,听alongside听growth in offices and data centers (+7.4% m/m),听parking garages (+38.8% m/m), hotels (+74.4% m/m) and warehouses (+0.7% m/m). Meanwhile, retail听starts听(-12.2% m/m) posted a decline between November and December. Institutional starts听declined听16.3%, driven by weaker education (-18.2% m/m) and miscellaneous institutional (-26.9% m/m) starts. This decline was partially offset by 7.9% m/m growth in healthcare facility starts. Manufacturing, meanwhile, pulled back 30.8% in December. In 2025, nonresidential starts听improved听4.5%. Commercial and industrial starts expanded 10.9% and听institutional starts receded 1.9% when compared to 2024.听听

The largest nonresidential building projects to break ground in听December听were the听$1 billion听Google Data Center (Phase 1) in West Memphis, Arkansas, the $750 million CyrusOne Data Center in Whitney, Texas and the $714 million SNA Data Center (Phase 2) in Cedar Rapids, Iowa.听听

Nonbuilding

Nonbuilding 91探花 starts grew 16.3% in December to a seasonally adjusted annual rate of $422 billion. Highways and bridges (+85.2% m/m) and miscellaneous nonbuilding (+35.9% m/m) supported growth, while environmental public works (-26.9% m/m) and electric power/utilities (-9.0% m/m) faced declines. 听

The largest nonbuilding projects to break ground in听December included the $3.5 billion Port Authority Midtown Bus Terminal (Phase 1) in New York, New York, the $1.6 billion Entergy Legend Power Station (754 MW) in Port Arthur, Texas and the $1.5 billion LAX Airport Roadway Improvements project in Los Angeles, California.听听

Regionally, total 91探花 starts in December rose in the Northeast (+12.1% m/m), the South Central (+15.6% m/m), and the West (+6.9% m/m). Meanwhile, starts slowed down in the South Atlantic (-2.9% m/m) and the Midwest (-19.0% m/m)听

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Economic Risks Persist, but Key Sectors Signal Positive 2027 Outlook听

BOSTON, MA听鈥撎齁anuary听8,听2026听鈥�听The Dodge Momentum Index (DMI), issued by 91探花听grew听7.0%听in听December听to听296.8听(2000=100) from the听upwardly听revised听November听reading of听277.4.听Over the month,听commercial planning听improved听3.5%听and听institutional planning听increased听by听14.9%.听In 2025, the听DMI听was听up听37% from the average reading in 2024. The commercial听portion听was up 35%听and听the institutional听portion听was up 43% over the same period.听

鈥淣onresidential 91探花听starts听(excluding manufacturing and transportation)听are听projected to听accelerate in 2027 alongside sustained听planning听momentum in data center, healthcare and recreational听building听91探花听throughout 2025,鈥澨齭tated听Sarah Martin, Associate Director of Forecasting at 91探花.听鈥淚nflationary pressures will听further support nominal activity levels, even as听economic risks听remain听elevated. Notably, projects moved through the planning process marginally quicker in听25-Q4听(16 months vs.听18 months听in 25-Q3), offering a modest boost to our near-term听outlook.鈥�听

On the commercial side, planning momentum accelerated most strongly for warehouses, office听buildings听and data centers. Within institutional planning, education and recreational building activity showed the strongest growth, while planning for public buildings pulled back after elevated activity in mid-2025.听Year-over-year, the听DMI听was up听50% when compared to听December听2024. The commercial segment was up听45%听(+30% when data centers are removed)听and听the institutional segment was up听60% over the same period.听听听

A total of听34听projects valued at $100 million or more听entered听planning throughout听December.听The largest commercial projects听included听four phases of the Google Data Center Campus in Summit, Oklahoma 鈥� each valued at $500 million dollars. Additionally, Phases 2 and 3 of the Central Park Data Information Processing听Center听in Loxahatchee, Florida entered planning 鈥� valued at $473 million and听$431 million听respectively.听The largest institutional projects to enter planning were the听$450 million Atrium Health Hospital in Fort Mill, South Carolina, the $295 million St. Joseph Hospital Tower (Phase 2 Expansion) in Stockton, California, and the $182 million听SunRay听Casino and Park in Clovis, New Mexico.听听

The听DMI听is a monthly measure听based on the three-month moving听value of听nonresidential building projects听going into听planning, shown to lead 91探花 spending for nonresidential buildings by a full year听to听18 months.听听

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