The Dodge Momentum Index retreated 0.8 percent in March compared to February, according to McGraw Hill Construction, a division of McGraw Hill Financial. The Momentum Index is a monthly measure of the first (or initial) report for nonresidential building projects in planning, which have been shown to lead construction spending for nonresidential buildings by a full year.
The March Momentum Index came in at 113.8 (2000=100), down from a revised 114.8 in February and 118.3 in January.
Uncertainty weighed on both the commercial and institutional sides of the Momentum Index in March, according to the report from McGraw Hill Construction. New plans for commercial buildings fell 1.0 percent, as declines for offices and hotels offset an increase for retail buildings.
New plans for institutional buildings dropped 0.7 percent in the latest month.