Optimists

The Dodge Momentum Index posted a monthly decline of 4.8% this January but is still 5.8% higher than January 2014's level, according to Dodge Data & Analytics. The index measures non-residential building projects entering the planning stage and is a lead indicator of construction spending by a full year. January's monthly decline reflects a 10.2% drop in planning for new institutional buildings and a 0.4% slip in commercial-building planning. Despite the decline, three commercial and four institutional building projects exceeding $100 million entered the planning stage in January.