The Dodge Momentum Index, a monthly measure of initial planning reports for nonresidential building projects, fell to 135.0 in July; a drop of 3.3 percent from its June reading of 139.6. The index has been shown to lead construction spending for nonresidential buildings by a full year.

The recent numbers reflect a 6.6 percent decline in the institutional component and a 1.1 percent decrease in the commercial component, which, according to Dodge Data and Analytics, "continues a recent trend of volatility in the Momentum Index where a string of gains is interrupted by a step backwards in planning intentions."

However, the index is 6.9 percent higher year-over-year, which "suggests further moderate gains in construction activity throughout the year." This increase is due to an 8.0 percent rise in the commercial component and a 5.3 percent lift in the institutional component.