The Dodge Momentum Index erased the gains made over the last two months, falling 4.4% in July to 121.4 (2000=100). This marks the Index's first decline in four months, according to McGraw Hill Construction, a division of McGraw Hill Financial. 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. While the Dodge Momentum Index stumbled in July, on a year-over-year basis it remains 16.5% higher than a year earlier. The July decline therefore may simply be a return to a more sustainable pace following a spring bump.

July's decline in the Momentum Index was the result of a 6.8% drop in commercial building plans, while the institutional sector fell a milder 0.6%. Despite the drop, six sizeable commercial projects valued at $100 million or more entered planning in July. These include the $400 million 50 Hudson Yards Office Tower in New York City, the $350 million University Town Center (Phase II) in Sarasota FL, the$319 million Consolidated Rental Car Facility at Tampa FL's international airport, the $130 million Irvine Center Office Tower in Irvine CA, a $100 million hotel in Brooklyn NY, and the $100 million Akard Place Office Tower in Dallas TX.