The Dodge Momentum Index increased 1.3 percent in August to 134.9 from its revised July reading of 133.2, according to Dodge Data & Analytics.
The index is a monthly measure of the first report for nonresidential building projects in planning, which have been shown to lead construction spending for nonresidential buildings by a full year.
August’s increase was the result of a 1.7-percent rise from July for institutional planning as well as a 1-percent gain for commercial planning. August is the fifth consecutive month that the index has increased, and it’s currently 16 percent above the same month a year ago.
In August, 14 projects entered planning, each with a value exceeding $100 million.