The Index increased +0.1% this month, following the same trajectory as last month’s +0.1% gain. More significantly, the +1.7% year-over-year increase and +10.1% over the last 36 months reflects a leveling off in the overall construction economy as the Fed’s tightening takes hold and the IIJA funds take longer than expected to work their way into construction projects. But a strong showing by the Dodge Momentum Index (+10.9 for the month) and strong industry stocks (+5.4 for the month) bodes well for the months ahead, as well as the Construction Backlog Indicator (+1.2% for the month). Like last month, the Index reflects a steady construction economy.