Dive Brief:

• The Dodge Momentum Index — which tracks the number of nonresidential construction projects in the planning stages — rose 2.8% between July and August.
• Dodge credited the bump in August to a surge in new plans for commercial buildings, which soared 8.4% from the previous month. On the negative side, however, institutional building inhibited a stronger rise in the index, as it saw a 5.2% decrease in August.
• The momentum index foretells construction spending in the coming year. The 2.8% rise in August followed a 5.4% increase in July.

Dive Insight:

Dodge noted that 10 projects with values of more than $100 million entered the first planning stage during August. Two of those megaprojects were in the institutional sector, including a $400 million Phoenix hospital and a $150 million Seattle assisted living facility. 

The remaining eight were commercial projects, with the largest being a $500 million Santa Clara, CA, mixed-use project, followed by the $400 million JFK International Airport.

Dodge said the steady rise "bodes well for construction spending through the first half of 2016," as the economy and real estate market have exhibited signs of growth in recent months.