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Core Report | February 23, 2024

After a soft ending to 2023, existing home sales started off 2024 on a stronger note. January existing home sales came in at a 4.00 million unit rate, up 3.1% from December but were still 1.7% below the 4.07million unit rate from January 2023. January marked the 29th consecutive month in which sales were down on a y/y basis. The amount of existing homes for sale at the end of the month totaled 1.01 million units, up 2.0% form December and up 3.1% from January 2023. The current inventory, when combined with January’s sales pace, equates to 3.0 months of supply.This is down form 3.1 months in December and below the 2023 average of 3.2 months. The median sales price of $379,100 was 0.6% below December but up 5.1% from January 2023.

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Core Report | February 16, 2024

The Dodge Momentum Index, a leading indicator for construction spending, increased once again in January. The January Dodge Momentum Index came in at 184.1, up slightly from 183.9 in December. This is the highest DMI reading since July but is still below the 199.3 reading from last January. Compared to December, the improvement in institutional planning helped to overcome a slight decline in commercial planning. Slower growth in warehouse planning negatively impacted the commercial portion; while education and healthcare planning helped growth in the institutional side. With lending standards beginning to loosen and the Fed expected to begin cutting rates in the back half of the year, momentum should rebound for commercial activity.

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Core Report | February 9, 2024

The Dodge Momentum Index, a leading indicator for construction spending, increased once again in January. The January Dodge Momentum Index came in at 184.1, up slightly from 183.9 in December. This is the highest DMI reading since July but is still below the 199.3 reading from last January. Compared to December, the improvement in institutional planning helped to overcome a slight decline in commercial planning. Slower growth in warehouse planning negatively impacted the commercial portion; while education and healthcare planning helped growth in the institutional side. With lending standards beginning to loosen and the Fed expected to begin cutting rates in the back half of the year, momentum should rebound for commercial activity.

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Core Report | February 2, 2024

Total construction spending on a seasonally adjusted basis ended the year on a strong note. December construction spending increased to a $2.096 trillion rate, up 0.9% from November and up 13.9% from the $1.841 trillion rate in December 2022. December had the largest year-over-year increase since July2022. Total construction spending has now increased on a year-over-year basis for the 55th consecutive month. Spending on both residential and non-residential projects increased from November, climbing 1.4% and 0.4%, respectively. This was the third consecutive monthly increase for spending on residential projects; this follows declines in two of the three months during Q3. Residential projects accounted for 44.0% of the total spend in December, its highest percentage since August.