Nonres Data Tracker: DMI Growth Accelerates with Growth Broadening Beyond Data Center; Healthcare Continues to Gain Momentum

Research evidence excerpt

Nonres Data Tracker: DMI Growth Accelerates with Growth Broadening Beyond Data Center; Healthcare Continues to Gain Momentum

Equity Research

Flash Comment — June 5, 2026

Electrical Equipment & Multi-Industry

Nonres Data Tracker: DMI Growth Accelerates

with Growth Broadening Beyond Data Center;

Healthcare Continues to Gain Momentum

Our Call Joseph O'Dea

DMI rose ~6% m/m in May to its highest level this year. Commercial rose ~7% m/m, driven Equity Analyst | Wells Fargo Securities, LLC

Joseph.Odea@wellsfargo.com | 212-214-5993

by DC activity, and sits less than 1% from its ATH (Sep 2025). Institutional also saw a ~3%

Zachary Schechtmanm/m gain with momentum noted in Healthcare. Education remains soft.

Equity Analyst | Wells Fargo Securities, LLC

Zachary.Schechtman@wellsfargo.com | 212-214-8014

Initial Thoughts Judah Esses

Associate Equity Analyst | Wells Fargo Securities, LLC

DMI rose 5.9% m/m in May, accelerating from +4.7% in April and +1.1% in March. Judah.E.Esses@wellsfargo.com

Commercial was up ~7% m/m, and has risen ~6-7% m/m for the past 3 months.

Institutional was up ~3%, following up ~1% in April and down ~11% in March. The release

noted that growth continues to be led by data center, but that key sectors such as

healthcare, retail stores and offices also gained momentum.

Exhibit 1 - Dodge Momentum Index

Dodge Momentum Index (2000=100, SA)

May-02 May-03 May-04 May-05 May-06 May-07 May-08 May-09 May-10 May-11 May-12 May-13 May-14 May-15 May-16 May-17 May-18 May-19 May-20 May-21 May-22 May-23 May-24 May-25 May-26

Source: Dodge Construction Network, Wells Fargo Securities, LLC

Institutional planning is showing momentum, with healthcare planning continuing to

accelerate in May. Government and religious building activity also accelerated, while