The Dodge Momentum Index, a monthly measure of nonresidential building projects in planning, hit the highest levels seen in three years in February, thanks to a surge in large projects starting up.
The index rose 7.1% in February to 149.0, up from a revised January reading of 139.1. Overall, the index is up 9.2% year-over-year. The institutional component of the index leapt up 26.3% over the month (down 3.3% year-over-year), while the commercial component remained stagnant (up 15.2% over last year).
"It remains to be seen if this level of activity, especially in the institutional sector, is sustainable given the tenuous economic recovery and rising material prices," the company said in a statement.
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