Dive summary:

• A leading indicator of coming nonresidential construction activity, the Dodge Momentum Index for January reached 97.6 on a scale that pegs the 100 mark at activity in 2000.
• The January reading was higher than December's and creates a two-month pattern of increases after declines from August through November, possibly because of uncertainty about the election and subsequent fiscal decisions.
• Analysts concluded that the January gain was attributable to announced hospital expansions in Illinois and Pennsylvania and increase in plans for offices and stores.

From the article:

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. ...