The Dodge Momentum Index (DMI) for November showed a steady increase of 3.8% to 207.2, marking the third consecutive month of growth following September and October’s revised totals of 182.2 and 199.6, respectively. 

The reported increases in planning activity were propelled by commercial and institutional projects, which were bolstered by a rise in data centers, hotels, offices, government administrative buildings, and religious facilities. The November score represents a 25% increase year-over-year versus the Index’s November 2021 reading, with the commercial component up 28% and institutional planning up another 21% in the same time period.

A total of 21 projects with a value of $100 million or more were recorded for the month. The biggest commercial projects included two $500 million segments for a Facebook data center in Virginia, along with the $400 million Sunset Industrial Park warehouse in Sunset Park, Brooklyn. The two leading institutional projects were the $185 million Hollywood Casino in Joliet, IL, and the $160 million Smith County courthouse in Tyler, TX. 

“The Momentum Index continued to rise in November, conveying hopefulness from owners and developers that the construction sector will endure the possible economic slowdown next year,” Dodge Construction Network senior economist Sarah Martin said in a statement. “The rate of increase in the DMI, however, has steadied over the month. Labor and supply shortages, high material costs, and high interest rates could temper planning activity over the next 12 months to a more modest pace.”