The Dodge Momentum Index, which measures the first planning stages of nonresidential projects, rose 1.1 percent in June thanks to a solid gain of 4.8 percent in the institutional sector.

The Wells Fargo Securities Economics Group predicts that "overall strength in the index suggest private nominal nonresidential construction spending should continue to grow this year." As evidence for this the group cited that the year-to-date totals for commercial and institutional building, which together account for over half of private construction spending, are more than 13 percent above last year's numbers.

Even with this gain and the institutional individual component's strong showing - it is up almost 12 percent relative to last year - the Wells Fargo Group cautions, "the pace is moderating from its breakneck rate registered since 2012 so we are paying close attention to forward looking indicators."

Spending in the largest institutional sector, healthcare, actually fell 1.4 percent relative to last year, but the sectors for primary/secondary education facilities, college and university classrooms and sports centers made up the difference.