New construction in January 2024 started strong, with 6% growth over January 2023. This represents the 5th month in a row of positive YoY growth for new construction as the segment continues to rebound from a difficult 2023.
In terms of annual growth, markets in the Southwest (+14%) and Southeast (+16%) drove were the primary growth drivers in the month, while midwest markets performed poorly (-9%).
Turning to US renovations, the segments saw slightly negative YoY growth (-2%) in January.
Nationally, The segment has remained flat to slightly negative since March 2023.
Breaking the index down by US region, we see that markets in the Northeast are up 12% over last January, while Southwest markets are down -10% over last year, which may in part be due to expenditures matriculating from alterations to new construction in the region.
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