Nonresidential building segment gaining traction

The Dodge Momentum Index, the monthly measure of the first report for nonresidential building projects in planning, rose 6.3 percent in February, according to McGraw-Hill Construction. The index is now at its highest level since April 2010.

February’s gain brought the index to 102.9, a mark that’s 23.4 percent higher than the index’s position from a year earlier. The February increase represented the third consecutive monthly gain and the first time the index has surpassed the 100 mark since 2010.

According to McGraw-Hill Construction, February’s increase was due to an 11.9 percent surge in commercial projects. The improvement was driven primarily by gains for new office and store projects, including a $400 million tenant improvement project to finish the American Dream Mall in New Jersey.