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Core Report | May 17, 2024

Shipments of HVAC equipment continued to push higher in March on the back of strong seasonal momentum. HVAC equipment shipments totaled 1.952 million units in March, up 13.0% from February but was were down 2.7% from March 2023.

Market Update | May 15, 2024

On the back of strong seasonal momentum, HVAC equipment shipments totaled 1.952 million units in March, up 13.0% from February but were down 2.7% from March 2023. This was the first year-over-year decline in shipments since December. Looking on a year-over-year basis, to help smooth seasonality, the decline in A/C & heat pumps and furnaces overcame the slight increase in water heater shipments. For Q1, total HVAC equipment shipments were up 1.0% from the total in Q1 2023 but were down nearly 10% from the Q1 total in 2022.

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Core Report | May 10, 2024

After slipping in March, the April Dodge Momentum Index rebounded. The April DMI came in at 173.9, up from 164.0 in March but is below the 184.1 reading in April 2023.

Market Update | May 08, 2024

The April DMI, a leading indicator for non-residential construction spending, came in at 173.9, up from 164.0 in March but is below the 184.1 reading in April 2023. A rebound in the commercial planning component was partly offset by a decline in the institutional planning component. A sharp increase in data center planning, mainly to support the growing Cloud and AI infrastructure, was the leader for commercial planning.

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Core Report | May 3, 2024

Economic activity, from the manufacturing sector, slipped back into contraction in April after a brief stint in expansion in March. The April ISM Manufacturing Index came in at 49.2, down slightly from the 50.3 reading in March. The twelve-month average increased to 47.8, its highest level since last August.

Market Update | May 01, 2024

New orders for manufactured durable goods are up 2.6% from February and up for the second consecutive month. Excluding the volatile transportation component, new orders were up 0.2% compared to February. Nondefense new orders for capital goods (i.e. farm machinery and construction equipment) increased sharply, climbing 5.4% in March.

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Core Report | April 26, 2024

Production of light vehicles in the U.S. continued to rebound in March and is now up for the third consecutive month. U.S. light vehicle production totaled 946,314 units in March, up 0.9% from February, but was down slightly (1.4%) from March 2023.

Market Update | April 24, 2024

New orders for manufactured durable goods are up 2.6% from February and up for the second consecutive month. Excluding the volatile transportation component, new orders were up 0.2% compared to February. Nondefense new orders for capital goods (i.e. farm machinery and construction equipment) increased sharply, climbing 5.4% in March.

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Core Report | April 19, 2024

After climbing the previous two months, sales of existing homes declined in March. March existing home sales came in at a 4.190 million unit rate, down 4.3% from February and down 3.7% compared to the 4.350 million unit rate in March 2023.

Market Update | April 17, 2024

March retail sales came in at a $709.6 billion rate, up 0.7% from February and up 4.0% from a $682.2 billion rate in March 2023. Excluding sales from gas stations, total sales were up 0.6% from February to a $655.0 billion rate. Year-to-date actual sales are now up 3.3% compared to Q1 2023. The largest increases in March, compared to February, came from building material and garden stores, gas stations, and online retailers. These increases helped to offset declines seen in sales at motor vehicle dealers, electronic and appliance stores, and clothing stores.