The Dodge Momentum Index, a benchmark that measures nonresidential building planning, tumbled 8.6% in March as banking insecurity brought on by recent bank failures caused small banks to tighten lending standards, according to a Dodge Construction Network report.
The index typically leads actual construction spending by 12 months.
The decline follows a short-lived rebound in February, where the DMI showed signs that an economic soft landing remained possible for the construction industry.
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