I had never heard of this index (or anything similar). Thanks for sharing.

One of the core elements of Austrian Business Cycle Theory, is that unsustainable projects are begun in artificially low interest rate environments. This could be related to that, especially for some of the longer projects.

It's also a good example of the problem with Regime Uncertainty. Conditions might be fine to proceed with many of those projects, but they're on hold because it's very plausible that the conditions will change.