Following a dip in April, the Dodge Momentum Index advanced 4 percent in May to 139.1, 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.

In May, the commercial component increased 4.8 percent to an eight-and-a-half year high. The institutional component of the index rose 2.9 in May, making a partial rebound after pulling back 12 percent in April.

In May, six projects entered planning each with a value of $100 million or more.