The Dodge Momentum Index fell 1.4 percent in August compared to July,according to the latest report from McGraw-Hill Construction,a division of The McGraw-Hill Companies.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 August Momentum Index came in at 96.8(2000=100),down from July's revised 98.1.
Still,McGraw-Hill reports that the index remains 21.4 percent ahead of its level a year earlier.
When looking at specific segments of the market,the commercial component of the index dropped 3.5 percent in August,while the institutional building segment rose 1 percent over the previous month.
