Demand for data center construction bolstered the commercial component of the momentum index over the past several months, according to Dodge. This time around, the commercial component increased 13% in October largely due to a jump in office and hotel projects.
“Specific nonresidential segments, such as data centers and life science laboratories, have thrived in 2022 and continue to support strength in planning activity,” said Martin. “As we move into next year, however, labor and supply shortages, high material costs and high interest rates will likely temper planning activity back to a moderate pace.”
