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Market Update | September 18, 2024

The September Empire Manufacturing Index increased sharply to 11.5, up 16.2 from August. This was the strongest monthly growth since December 2021. The two-month average increased to 3.4, ending a string of nine consecutive negative readings. Both the new orders and shipment components increased in September, climbing to 17.3 and 17.6, respectively. The unfilled orders component increased as well, climbing 9.5 points to 2.1. The index for future business activity increased to 30.6, up eight points from August.

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Market Update

Market Update | September 11, 2024

Now up for the fifth consecutive month, the August DMI came in at 220.4, up from a revised 214.2 reading in July and up sharply from the 178.0 reading in August 2023. This is the highest reading since December 2022, coming in just below that all-time high level. The August DMI was boosted by both planning for commercial and institutional projects. While commercial planning increased by 1.9%, institutional planning increased by 5.7% from July.

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Market Update

Market Update | September 4, 2024

Total construction spending slipped in July, sliding for the first time since January. Total spending came in at a $2.163 trillion rate, down 0.3% from June, but was still up 6.7% from the $2.027 trillion rate in July 2023. Despite the continued year-overyear increase, this was the lowest increase since May 2023. Spending on both residential and non-residential projects declined in July, sliding 0.4% and 0.2%, respectively. This was the second consecutive month in which spending on nonresidential projects declined. Total non-residential spending was at its lowest rate since February.

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Market Update

Market Update | August 28, 2024

New orders climbed 9.9% to a $289.6 billion rate. The sharp jump in July follows a nearly similar 6.9% decline in June. Excluding the volatile transportation segment, new orders slipped 0.2% from June. While primary metal new orders declined 0.9%, new orders for fabricated metal products increased 0.2% from June. Unfilled orders for durable goods increased 0.2% in July and are now up in forty-seven of the last forty-eight months.

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