The numbers: The construction industry’s outlook worsened to start the New Year, according to research from a trade group released Wednesday.
The National Association of Home Builders’ monthly confidence index dropped three points to a reading of 83 in January, the trade group said Wednesday. It was the second consecutive month that the index has dropped, though the reading still remains strong.
Index readings over 50 are a sign of improving confidence. Back in April and May, the index dropped below 50 as pandemic concerns mounted, but months later the index hit a series of record highs.
What happened: The index that measures sentiment regarding current sales conditions fell two points to 90, while the index of expectations for future sales over the next six months declined by that same amount to 83. The gauge regarding prospective buyers slipped five points to 68.
On a regional basis, the index