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The Dodge Momentum Index was down 1.4 percent in February, but it remains 1 percent above its February 2023 mark.

The Dodge Momentum Index gained 3 percent in December, with commercial planning increasing 1 percent and institutional planning improving 6.1 percent.

The commercial and institutional components of Dodge Construction Network’s index measuring the monthly value of nonresidential building projects going into planning both fell.

Dodge Construction Network says a 15 percent drop in institutional project planning played a big role in the monthly decline.

The Dodge Momentum Index declined declined 0.9 percent in July with the commercial component falling 0.2 percent and the institutional component dropping 1.9 percent.

The commercial component of Dodge Construction Network’s Index dipped 8 percent last month.

Says Dodge Construction Network’s Sarah Martin: “Lending standards for small banks in particular have substantially tightened as banking insecurity intensifies.”

Dodge Construction Network offers a rundown on nonresidential building projects in planning, sharing details about commercial and institutional construction.

The commercial component of the index rose 8.4 percent in December, and the institutional component ticked up 2.7 percent.