The Dodge Momentum Index, a monthly measure of the first report for nonresidential building projects in planning, receded in June after six consecutive monthly increases. The index slipped 1.5 percent to 113.8, down from a revised May reading of 115.5.
According to McGraw-Hill Construction, a sharp increase in plans for institutional buildings offset a drop in commercial development in June. New plans for institutional buildings rose 6.5 percent, bolstered by several amusement-related projects. The largest institutional project to enter the planning phase in June was a $400 million casino project in Liberty, N.Y.
Commercial building, meanwhile, fell back 8.5 percent compared to May. Declines in both office and retail-related development weighed on overall commercial building plans.
