Nonresidential building plans see spike in April

The Dodge Momentum Index measuring the first report for nonresidential building projects in planning advanced 8.4 percent in April to 123.0, according to McGraw Hill Construction, a division of McGraw Hill Financial.

The momentum index had retreated in February and March, following steady gains that were reported during most of 2013. With the April increase, the momentum index resumed its upward track and is up 17.8 percent compared to the same month a year ago, McGraw Hill says. A harsh winter helped to slow overall economic growth in the first months of 2014, the firm adds, but prospects for commercial development are again showing improvement, as reflected by the growing number of projects at the planning stage and strengthening market fundamentals such as occupancy rates and rents.

The commercial segment of the momentum index specifically climbed 12.1 percent from March. The institutional segment rose 3.9 percent.