Construction Momentum Falters
The Dodge Momentum Index erased the gains made over the past two months, falling 4.4% in July. This marks the index's first decline in four months, according to McGraw Hill Construction Dodge. While the index stumbled in July, on a year-over-year basis it remains 16.5% higher than a year ago. The index measures non-residential building projects entering the planning stage, which has proved to be a leading indicator of construction activity by a full year.