Dive Brief:
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Momentum in commercial and institutional building waned in January, according to Dodge Data & Analytics.
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The Dodge Momentum Index measures the number of nonresidential business projects on the drawing board and is considered a forecast for future construction spending.
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Planning for projects in the institutional sector fell the most, by 10.2% from the prior month. Commercial construction planning dipped by 0.4%, according to the index.
Dive Insight:
Although planning activity is down from December, momentum in nonresidential building has been climbing slowly over three years. In fact, when compared with January 2013, last month’s momentum was up 5.8%.