Planning for construction projects across the United States dipped again in June, though the overall pipeline is still greater than it was a year ago, according to the Dodge Construction Network, Hamilton, N.J.

The Dodge Momentum Index (DMI) fell 2.5% in June to 197.3 from the revised May reading of 202.4. While the commercial component of the DMI rose 3.1% over the month, the previously high-flying institutional component “sunk” 10.5%—dragging the DMI down along with it, Sarah Martin, associate director of forecasting for Dodge Construction Network, said in the announcement.

“Project activity in this segment pulled back from the robust highs of the last three months but continued to dwarf year-ago levels,” Martin said. “In contrast, growth in the commercial segment may be fleeting, as the continued elevation in interest rates and increasingly tight lending standards weigh down the sector in the latter half of the year.”

The rise in commercial planning was due to an uptick in data center and hotel planning projects, while a marked decrease in planning projects in the education and healthcare sectors caused the institutional planning component to sink.

Overall, this is the fourth straight month that construction planning declined. However, year over year, the DMI still remains 25% higher than in June 2022, with the commercial and institutional components up 17% and 39%, respectively.

A total of 22 projects valued at $100 million or more entered planning in June. The largest commercial projects to enter planning included the $335 million Queensbridge Collective Office Tower in Charlotte, N.C., and the $280 million Old Potomac Church Data Center in Stafford, Va.

The largest institutional projects to enter the planning stages included the $710 million Medford Life Science Park project in Medford, Mass.; and the $157 million Center of Innovation building in Emeryville, Calif.

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