Construction project planning increased just barely a tick more in June, but still represented a 14-year high, according to the Dodge Momentum Index (DMI). Analysts are wondering for how long.

"[This] is a sign that developers feel that projects still have hope of moving forward, despite concerns of an impending economic slowdown," Richard Branch, chief economist for Dodge Construction Network, said in prepared remarks. "However, this sentiment will be tested in the months to come as higher interest rates eat away at business and consumer confidence."

DMI is a monthly measure of the initial report for nonresidential building projects in planning. The index is shown to lead construction spending for nonresidential buildings by a full year.