In July, the index reached a 14-year high, and August’s reading just more than a percentage point below that apex can still be interpreted as positive, particularly as a leading indicator for spending in the next 12 months, Dodge said in a release.
“This indicates continued confidence from owners and developers that nonresidential building projects will be realized in the coming year,” said Sarah Martin, senior economist at Dodge Data & Analytics. Yet, Martin conceded the softening reflected the potential for slower construction activity ahead.
