Data Center Growth Cools from Record Pace, Planning Activity Remains Strong听

BOSTON, MA 鈥� July 8, 2026听鈥�听The 糖心Vlog Momentum Index (DMI), issued by听糖心Vlog听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%听and听institutional planning momentum grew 10.9%.听听

鈥淒espite June鈥檚 pullback, nonresidential planning remains on solid ground,鈥� said Sarah Martin, Director of Economic Research at 糖心Vlog. 鈥淒ata center activity continued to drive the Index, but its pace moderated from the extraordinary levels seen in recent months and drove the听DMI听to pull back over the month. Otherwise, planning activity accelerated across听nearly every听other sector.鈥�听

Within the commercial听portion听of the Index, slowing data center planning momentum drove this month鈥檚 decline.听Meanwhile, planning activity for traditional office buildings, warehouses, retail stores and hotels improved.听On the institutional side, healthcare planning continued to accelerate in May, alongside recreational,听government听and religious building activity.听Educational planning slowed down for the second consecutive month.听Year-over-year, the听DMI听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.听听

A total of 59 projects valued at $100 million or more听entered听planning throughout June. The largest commercial projects included the $500 million听Stak听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听DCSO听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.听听

The听DMI听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听18 months.听听

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Planning Activity听Broadens Beyond Data Centers

BOSTON, MA听鈥撎齁une听5,听2026听鈥�听The 糖心Vlog Momentum Index (DMI), issued by 糖心Vlog increased听5.9%听in听May听to听275.7听(2000=100) from the听downwardly听revised听April听reading of听260.4.听Over the month,听commercial planning听expanded 6.9%听and听institutional planning听momentum听grew听3.1%.听听

鈥淣onresidential planning continued to stabilize throughout May,鈥� said Sarah Martin, Director of Economic Research at 糖心Vlog. 鈥淕rowth in the DMI continued to be led by data center activity, but key sectors 鈥� such as healthcare, retail stores and offices 鈥� gained momentum as well. Nonetheless, the broader outlook remains cautious, as persistent labor constraints, elevated material costs and ongoing supply chain pressures weigh on owner sentiment in the near term.鈥�听

Over the month, planning activity for traditional office buildings, data centers,听and retail stores improved, while听warehouse,听hotel and parking garage听planning slowed down.听On the institutional side,听healthcare planning continued to accelerate听in May, alongside government and religious building activity. Meanwhile,听educational听and recreational听building momentum听slowed down.听Year-over-year, the DMI was up听33.8% when compared to听May听2025. The commercial segment was up听41.2% (+6.6% when data centers are removed) and the institutional segment was up听17.7% over the same period.听听

A total of听29听projects valued at $100 million or more听entered听planning throughout听May.听The largest听commercial projects听included听the听EDCAUS11 and EDCAUS12 data centers in Bastrop, Texas, each valued at an estimated $437 million.听Additionally, the $432 million Wallace Jackson Industrial Park Data Center (Building 4) in Griffin, Georgia entered the planning queue.听The largest institutional听planning听projects were the听$400 million Coast Guard Training Center (TRACEN) modernization project in Cape May, New Jersey, the $400 million Fisk University Innovation Center in Nashville, Tennessee, and the $241 million Harborview Yesler Terrace Medical Office in Seattle, Washington.听听听听听

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 construction spending for nonresidential buildings by a full year听to听18 months.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 糖心Vlog Momentum Index (DMI), issued by 糖心Vlog 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 糖心Vlog. 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 construction spending for nonresidential buildings by a full year听to听18 months.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 糖心Vlog Momentum Index (DMI), issued by 糖心Vlog 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 糖心Vlog. 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 construction 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 construction spending for nonresidential buildings by a full year听to听18 months.听听

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Planning activity flattens over the month.

BOSTON, M.A. 鈥� March 12, 2025 鈥� The 糖心Vlog 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%.听听

鈥淧lanning momentum moderated in February, after a few months of stronger growth,鈥� stated Sarah Martin, associate director of forecasting at 糖心Vlog. 鈥淒ata 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.鈥澨�听

On the commercial side, data center, traditional office building, and retail planning led this month鈥檚 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%.听听

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 鈥� 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.听听

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.听

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Planning activity sees widespread growth over the month.

BOSTON, M.A. 鈥� February 7, 2025 鈥� The 糖心Vlog 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%.听听

鈥淣onresidential planning activity saw diversified growth in January, with every vertical experiencing positive momentum,鈥� stated Sarah Martin, associate director of forecasting at 糖心Vlog. 鈥淯ncertainty 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.鈥�听

On the commercial side, data center, traditional office building, and warehouse planning led this month鈥檚 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%.听

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鈥檚 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.听听听听

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.听

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Commercial planning bounced back strongly over the month.

BOSTON, M.A. – January 8, 2024 鈥� The 糖心Vlog 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%.听

鈥淐ommercial activity rebounded strongly in December, thanks to a re-acceleration in data center and warehouse planning activity,鈥� stated Sarah Martin, associate director of forecasting at 糖心Vlog. 鈥淥verall, the strong performance of the Momentum Index this past year is expected to support nonresidential construction spending throughout 2025.鈥�

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.听

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. 鈥� December 6, 2024 鈥� The 糖心Vlog 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%.听听

鈥淭hroughout 2024, we鈥檝e seen robust growth in nonresidential planning activity 鈥� 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,鈥� stated Sarah Martin, associate director of forecasting at 糖心Vlog. 鈥淯ncertainty over new tariff and immigration policies under President-elect Trump鈥檚 administration may also generate some pause with developers, although it鈥檚 a bit too early to tell if that鈥檚 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.鈥�听

On the commercial side, slower data center, office, warehouse and retail planning drove much of this month鈥檚 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.听

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%.听

A total of 17 projects valued at $100 million or more entered planning throughout November. The largest commercial projects included $350 million Bally鈥檚 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.听听

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.听

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Slower planning across several segments drove weaker activity this month.

BEDFORD, M.A. 鈥� November 7, 2024 鈥� The 糖心Vlog 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%.听听

鈥淚n 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 糖心Vlog Momentum Index for October,鈥� stated Sarah Martin, associate director of forecasting at 糖心Vlog. 鈥淩egardless, owners and developers remain confident in next year鈥檚 market conditions, and the planning queue remains poised to spur stronger construction activity in 2025, following deeper rate cuts by the Fed.鈥�听听

Most commercial categories faced declines throughout October, aside from hotel planning 鈥� 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. 听

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%.听

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.听听

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.听

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Slower data center momentum moderates planning activity over the month听

BEDFORD, M.A. 鈥� October 7, 2024 鈥� The 糖心Vlog 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%.听听

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

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鈥檚 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.听听

听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 鈥� 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.听听

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.听

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