Data Center Growth Cools from Record Pace, Planning Activity Remains Strong
BOSTON, MA – July 8, 2026 — The Dodge Momentum Index (DMI), issued by Dodge Construction Network, fell 1.9% in June to 271.7 (2000=100) from the upwardly revised May reading of 277.1. Over the month, commercial planning declined 6.8% and institutional planning momentum grew 10.9%.
“Despite June’s pullback, nonresidential planning remains on solid ground,” said Sarah Martin, Director of Economic Research at Dodge Construction Network. “Data center activity continued to drive the Index, but its pace moderated from the extraordinary levels seen in recent months and drove the DMI to pull back over the month. Otherwise, planning activity accelerated across nearly every other sector.”
Within the commercial portion of the Index, slowing data center planning momentum drove this month’s decline. Meanwhile, planning activity for traditional office buildings, warehouses, retail stores and hotels improved. On the institutional side, healthcare planning continued to accelerate in May, alongside recreational, government and religious building activity. Educational planning slowed down for the second consecutive month. Year-over-year, the DMI was up 21.8% when compared to June 2025. Both the commercial and institutional segments were up also 21.8% over the same period. When removing data centers, the commercial segment would be up 7.6% from year-ago levels.
A total of 59 projects valued at $100 million or more entered planning throughout June. The largest commercial projects included the $500 million Stak Energy AI Data Center Campus in Prudhoe Bay, Alaska, the $480 million Project Swan Data Center Complex in Lakeland, Florida, and the $456.8 million Parcel A Data Center in Manassas, Virginia. The largest institutional planning projects included the $437 million DCSO Correctional Facility (Replacement) in Nashville, Tennessee, the $320 million Cone Health Hospital in Winston-Salem, North Carolina, and the $303 million El Camino Health Hospital in Los Gatos, 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.
