March 2024 Residential Permits, Starts and Completions

Click image for larger view

Click image for larger view

Builders started construction of privately-owned housing units March at a seasonally adjusted annual rate (SAAR) of 1,321,000 units (1.480 million expected). This is 14.7% (±9.9%) below the revised February estimate of 1,549,000 (originally 1.521 million units) and 4.3% (±9.4%)* below the March 2023 SAAR of 1,380,000 units; the not-seasonally adjusted YoY change (shown in the table above) was -2.7%.

Single-family housing starts in March were at a SAAR of 1,022,000; this is 12.4% (±12.5%)* below the revised February figure of 1,167,000 units (+22.0% YoY). Multi-family: 299,000 units (-21.7% MoM; -44.1% YoY).

* 90% confidence interval (CI) is not statistically different from zero. The Census Bureau does not publish CIs for the entire multi-unit category.

Click image for larger view

Click image for larger view

Total completions were at a SAAR of 1,469,000. This is 13.5% (±11.0%) below the revised February estimate of 1,698,000 (originally 1.729 million units) and 3.9% (±13.5%)* below the March 2023 SAAR of 1,528,000 units; the NSA comparison: -4.0% YoY.

Single-family completions were at a SAAR of 947,000; this is 10.5% (±10.1%) below the revised February rate of 1,058,000 units (-8.6% YoY). Multi-family: 522,000 units (-18.4% MoM; +6.4% YoY).

Click image for larger view

Click image for larger view

Total permits were at a SAAR of 1,458,000 units (1.510 million expected). This is 4.3% below the revised February rate of 1,523,000 (originally 1.518 million units) but 1.5% above the March 2023 SAAR of 1,437,000 units; the NSA comparison: -5.9% YoY.

Single-family permits were at a SAAR of 973,000; this is 5.7% below the revised February figure of 1,032,000 units (+6.2% YoY). Multi-family: 485,000 units (-1.2% MoM; -24.5% YoY).

Click image for larger view

Click image for larger view

Press release from NAHB’s Robert Dietz:

“Builder sentiment was flat in April as mortgage rates remained close to 7% over the past month and the latest inflation data failed to show improvement during the first quarter of 2024.

“Builder confidence in the market for newly built single-family homes was 51 in April, unchanged from March, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). This breaks a four-month period of gains for the index, which nonetheless remains above the key breakeven point of 50.

“April’s flat reading suggests potential for demand growth is there, but buyers are hesitating until they can better gauge where interest rates are headed. With the markets now adjusting to rates being somewhat higher due to recent inflation readings, we still anticipate the Federal Reserve will announce future rate cuts later this year, and that mortgage rates will moderate in the second half of 2024.

“The April HMI survey also revealed that 22% of builders cut home prices this month, down from 24% in March and 36% in December 2023. However, the average price reduction in April held steady at 6% for the 10th straight month. Meanwhile, the use of sales incentives ticked down to 57% in April from a reading of 60% in March.”

The foregoing comments represent the general economic views and analysis of Delphi Advisors, and are provided solely for the purpose of information, instruction and discourse. They do not constitute a solicitation or recommendation regarding any investment.

February 2024 Residential Permits, Starts and Completions

Click image for larger view

Click image for larger view

Builders started construction of privately-owned housing units in February at a seasonally adjusted annual rate (SAAR) of 1,521,000 units (1.449 million expected). This is 10.7% (±14.2%)* above the revised January estimate of 1,374,000 (originally 1.331 million units) and 5.9% (±10.0%)* above the February 2023 SAAR of 1,436,000 units; the not-seasonally adjusted YoY change (shown in the table above) was +4.7%.

Single-family housing starts in February were at a SAAR of 1,129,000; this is 11.6% (±14.8%)* above the revised January figure of 1,012,000 units (+34.5% YoY). Multi-family: 392,000 units (+8.3% MoM; -34.8% YoY).

* 90% confidence interval (CI) is not statistically different from zero. The Census Bureau does not publish CIs for the entire multi-unit category.

Click image for larger view

Click image for larger view

Total completions were at a SAAR of 1,729,000. This is 19.7% (±18.5%) above the revised January estimate of 1,445,000 (originally 1.416 million units) and 9.6% (±15.6%)* above the February 2023 SAAR of 1,577,000 units; the NSA comparison: +11.1% YoY.

Single-family were at a SAAR of 1,072,000; this is 20.2% (±17.7%) above the revised January rate of 892,000 units (+5.3% YoY). Multi-family: 657,000 units (+18.8% MoM; +23.9% YoY).

Click image for larger view

Click image for larger view

Total permits were at a SAAR of 1,518,000 units (1.500 million expected). This is 1.9% above the revised January rate of 1,489,000 (originally 1.470 million units) and 2.4% above the February 2023 rate of 1,482,000 units; the NSA comparison: +6.7 YoY.

Single-family permits were at a SAAR of 1,031,000; this is 1.0% above the revised January figure of 1,021,000 units (+35.1% YoY). Multi-family: 487,000 units (+4.1% MoM; -25.3% YoY).

Click image for larger view

Click image for larger view

Press release from NAHB’s Robert Dietz:

“A lack of existing inventory that continues to drive buyers to new home construction, coupled with strong demand and mortgage rates below last fall’s cycle peak, helped push builder sentiment above a key marker in March.

“Builder confidence in the market for newly built single-family homes climbed three points to 51 in March, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). This is the highest level since July 2023 and marks the fourth consecutive monthly gain for the index. It is also the first time that the sentiment level has surpassed the breakeven point of 50 since last July.

“Buyer demand remains brisk and we expect more consumers to jump off the sidelines and into the marketplace if mortgage rates continue to fall later this year, particularly as the Fed is expected to enact rate cuts during the second half of 2024. However, builders continue to face several supply-side challenges, including a scarcity of buildable lots and skilled labor, and new restrictive codes that continue to increase the cost of building homes. Building materials will also face upward pressure on prices as home building activity expands.

“With mortgage rates below 7% since mid-December per Freddie Mac, more builders are cutting back on reducing home prices to boost sales. In March, 24% of builders reported cutting home prices, down from 36% in December 2023 and the lowest share since July 2023. However, the average price reduction in March held steady at 6% for the ninth straight month. Meanwhile, the use of sales incentives is holding firm. The share of builders offering some form of incentive in March was 60%, and this has remained between 58% and 62% since last September.”

The foregoing comments represent the general economic views and analysis of Delphi Advisors, and are provided solely for the purpose of information, instruction and discourse. They do not constitute a solicitation or recommendation regarding any investment.

January 2024 Residential Permits, Starts and Completions

Click image for larger view

Click image for larger view

Builders started construction of privately-owned housing units in January at a seasonally adjusted annual rate (SAAR) of 1,331,000 units (1.470 million expected). This is 14.8% (±10.2%) below the revised December estimate of 1,562,000 (originally 1.460 million units) and 0.7% (±11.7%)* below the January 2023 SAAR of 1,340,000 units; the not-seasonally adjusted YoY change (shown in the table above) was -4.1%.

Single-family housing starts in January were at a SAAR of 1,004,000; this is 4.7% (±11.6%)* below the revised December figure of 1,054,000 units (+18.7% YoY). Multi-family: 327,000 units (-35.6% MoM; -37.2% YoY).

* 90% confidence interval (CI) is not statistically different from zero. The Census Bureau does not publish CIs for the entire multi-unit category.

Click image for larger view

Click image for larger view

Total completions were at a SAAR of 1,416,000 units. This is 8.1% (±10.0%)* below the revised December estimate of 1,541,000 (originally 1.574 million units), but 2.8% (±14.6%)* above the January 2023 SAAR of 1,377,000 units; the NSA comparison: +1.6% YoY.

Single-family completions were at a SAAR of 857,000; this is 16.3% (±7.9%) below the revised December rate of 1,024,000 units (-17.0% YoY). Multi-family: 559,000 units (+8.1% MoM; +57.1% YoY).

Click image for larger view

Click image for larger view

Total permits were at a SAAR of 1,470,000 units (1.510 million expected). This is 1.5% below the revised December rate of 1,493,000 (originally 1.495 million units) but 8.6% above the January 2023 SAAR of 1,354,000 units; the NSA comparison: +11.6 YoY.

Single-family permits were at a rate of 1,015,000; this is 1.6% above the revised December figure of 999,000 units (+42.0% YoY). Multi-family: 455,000 units (-7.9% MoM; -22.1% YoY).

Click image for larger view

Click image for larger view

Press release from NAHB’s Robert Dietz:

“Expectations that mortgage rates will continue to moderate in the coming months, the prospect of future rate cuts by the Federal Reserve later this year, and a protracted lack of existing inventory helped provide a boost to builder sentiment for the third straight month.

“Builder confidence in the market for newly built single-family homes climbed four points to 48 in February, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). This is the highest level since August 2023.

“Buyer traffic improved at the start of 2024, as even small declines in interest rates produce a disproportionate positive response among likely home purchasers. And while mortgage rates still remain too high for many prospective buyers, we anticipate that due to pent-up demand, many more buyers will enter the marketplace if mortgage rates continue to decline this year.

“With expectations of Fed rate cuts in the latter half of 2024, NAHB is forecasting that single-family starts will rise about 5% this year. But as builders break ground on more homes, lot availability is expected to be a growing concern, along with persistent labor shortages. And as a further reminder that the recovery will be bumpy as buyers remain sensitive to interest rate and construction cost changes, the 10-year Treasury rate is up more than 40 basis points since the beginning of the year.

“With mortgage rates now below 7% since mid-December, more builders are cutting back on reducing home prices to boost sales. In February, 25% of builders reported cutting home prices, down from 31% in January and 36% in the last two months of 2023. However, the average price reduction in February held steady at 6% for the eighth straight month. Meanwhile, the use of sales incentives is also diminishing. The share of builders offering some form of incentive dropped to 58% in February, down from 62% in January and the lowest share since last August.”

The foregoing comments represent the general economic views and analysis of Delphi Advisors, and are provided solely for the purpose of information, instruction and discourse. They do not constitute a solicitation or recommendation regarding any investment.

December 2023 Residential Permits, Starts and Completions

Click image for larger view

Click image for larger view

Builders started construction of privately-owned housing units in December at a seasonally adjusted annual rate (SAAR) of 1,460,000 units (1.425 million expected). This is 4.3% (±12.5%)* below the revised November estimate of 1,525,000 (originally 1.560 million units), but 7.6% (±17.6%)* above the December 2022 SAAR of 1,357,000 units; the not-seasonally adjusted YoY change (shown in the table above) was +6.9%.

Single-family starts in December were at a rate of 1,027,000; this is 8.6% (±11.2%)* below the revised November figure of 1,124,000 units (+14.4% YoY). Multi-family: 433,000 units (+8.0% MoM; -6.8% YoY).

An estimated 1,413,100 housing units were started in 2023. This is 9.0% (±2.5%) below the 2022 figure of 1,552,600.

* 90% confidence interval (CI) is not statistically different from zero. The Census Bureau does not publish CIs for the entire multi-unit category.

Click image for larger view

Click image for larger view

Total completions were at a SAAR of 1,574,000. This is 8.7% (±19.9%)* above the revised November estimate of 1,448,000 (originally 1.447 million units) and 13.2% (±17.7%)* above the December 2022 SAAR of 1,390,000 units; the NSA comparison: +15.0% YoY.

Single-family completions were at a SAAR of 1,056,000; this is 8.4% (±18.5%)* above the revised November rate of 974,000 units (+8.3% YoY). Multi-family: 518,000 units (+9.3% MoM; +33.5% YoY).

An estimated 1,452,500 housing units were completed in 2023. This is 4.5% (±3.8%) above the 2022 figure of 1,390,500.

Click image for larger view

Click image for larger view

Total permits were at a SAAR of 1,495,000 units (1.478 million expected). This is 1.9% above the revised November rate of 1,467,000 (originally 1.460 million units) and 6.1% above the December 2022 SAAR of 1,409,000 units; the NSA comparison: -2.2% YoY.

Single-family authorizations in December were at a rate of 994,000; this is 1.7% above the revised November figure of 977,000 units (+26.9% YoY). Multi-family: 501,000 units (+2.2% MoM; -28.3% YoY).

An estimated 1,469,800 housing units were authorized by building permits in 2023. This is 11.7% below the 2022 figure of 1,665,100.

Click image for larger view

Click image for larger view

Press release from NAHB’s Robert Dietz:

“Mortgage rates well under 7% over the past month have led to a sharp increase in builder confidence to begin the new year.

“Builder confidence in the market for newly built single-family homes climbed seven points to 44 in January, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). This second consecutive monthly increase in builder confidence closely tracks with a period of falling interest rates.

“Mortgage rates have decreased by more than 110 basis points since late October per Freddie Mac, lifting the future sales expectation component in the HMI into positive territory for the first time since August. Lower interest has improved housing affordability and brought some buyers back into the market. However, as home building expands in 2024, the market will see growing supply-side challenges in the form of higher prices and/or shortages of lumber, lots and labor.

“Even as mortgage rates have fallen below 7% over the past month, many builders continue to reduce home prices to boost sales. In January, 31% of builders reported cutting home prices, down from 36% during the previous two months and the lowest rate since last August. The average price reduction in January remained at 6%, unchanged from the previous month. Meanwhile, 62% of builders provided sales incentives of all forms in January. This share has remained stable between 60% and 62% since October.”

The foregoing comments represent the general economic views and analysis of Delphi Advisors, and are provided solely for the purpose of information, instruction and discourse. They do not constitute a solicitation or recommendation regarding any investment.

November 2023 Residential Permits, Starts and Completions

Click image for larger view

Click image for larger view

Builders started construction of privately-owned housing units in November at a seasonally adjusted annual rate (SAAR) of 1,560,000 units (1.360 million expected). This is 14.8% (±14.0%) above the revised October estimate of 1,359,000 (originally 1.372 million units) and 9.3% (±14.6%)* above the November 2022 SAAR of 1,427,000 units; the not-seasonally adjusted YoY change (shown in the table above) was +8.5%.

Single-family housing starts in November were at a SAAR of 1,143,000; this is 18.0% (±12.9%) above the revised October figure of 969,000 units (+43.7% YoY). Multi-family: 417,000 units (+6.9% MoM; -32.8% YoY).

* 90% confidence interval (CI) is not statistically different from zero. The Census Bureau does not publish CIs for the entire multi-unit category.

Click image for larger view

Click image for larger view

Total completions were at a SAAR of 1,447,000. This is 5.0% (±15.1%)* above the revised October estimate of 1,378,000 (originally 1.410 million units) but 6.2% (±15.2%)* below the November 2022 SAAR of 1,543,000 units; the NSA comparison: -6.1% YoY.

Single-family housing completions were at a SAAR of 960,000; this is 3.2% (±13.2%)* below the revised October rate of 992,000 units (-14.0% YoY). Multi-family: 487,000 units (+26.2% MoM; +15.4% YoY).

Click image for larger view

Click image for larger view

Total permits were at a SAAR of 1,460,000 units (1.470 million expected). This is 2.5% below the revised October rate of 1,498,000 (originally 1.463 million units) but 4.1% above the November 2022 SAAR of 1,402,000 units; the NSA comparison: +2.3% YoY.

Single-family authorizations were at a SAAR of 976,000; this is 0.7% above the revised October figure of 969,000 units (+23.2% YoY). Multi-family: 484,000 units (-8.5% MoM; -21.8% YoY).

Click image for larger view

Click image for larger view

Press release from NAHB’s Robert Dietz:

“Falling mortgage rates helped end a four-month decline in builder confidence, and recent economic data signal improving housing conditions heading into 2024.

“Builder confidence in the market for newly built single-family homes rose three points to 37 in December, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). With mortgage rates down roughly 50 basis points over the past month, builders are reporting an uptick in traffic. The housing market appears to have passed peak mortgage rates for this cycle, and this should help to spur home buyer demand in the coming months, with the HMI component measuring future sales expectations up six points in December.

“It is worth noting that single-family builder sentiment has separated somewhat from recent starts/permits data. Our statistical analysis indicates that temporary and outsized differences between builder sentiment and starts occur after short-term interest rates rise dramatically, increasing the cost of land development and builder loans used by private builders. In turn, higher financing costs for home builders and land developers add another headwind for housing supply in a market low on resale inventory. While the Federal Reserve is fighting inflation, state and local policymakers could also help by reducing the regulatory burdens on the cost of land development and home building, thereby allowing more attainable housing supply to the market. Looking forward, as rates moderate, this temporary difference between sentiment and construction activity will decline.

“But with mortgage rates still running above 7% throughout November, per Freddie Mac data, many builders continue to reduce home prices to boost sales. In December, 36% of builders reported cutting home prices, tying the previous month’s high point for 2023. The average price reduction in December remained at 6%, unchanged from the previous month. Meanwhile, 60% of builders provided sales incentives of all forms in December, the same as November but down slightly from 62% in October.”

The foregoing comments represent the general economic views and analysis of Delphi Advisors, and are provided solely for the purpose of information, instruction and discourse. They do not constitute a solicitation or recommendation regarding any investment.

October 2023 Residential Permits, Starts and Completions

Click image for larger view

Click image for larger view

Builders started construction of privately-owned housing units in October at a seasonally adjusted annual rate (SAAR) of 1,372,000 units (1.350 million expected). This is 1.9% (±13.5%)* above the revised September estimate of 1,346,000 (originally 1.358 million units), but 4.2% (±10.0%)* below the October 2022 SAAR of 1,432,000 units; the not-seasonally adjusted YoY change (shown in the table above) was -5.1%.

Single-family housing starts in October were at a SAAR of 970,000; this is 0.2% (±8.8%)* above the revised September figure of 968,000 units (+12.4% YoY). Multi-family: 402,000 units (+6.3% MoM; -30.9% YoY).

* 90% confidence interval (CI) is not statistically different from zero. The Census Bureau does not publish CIs for the entire multi-unit category.

Click image for larger view

Click image for larger view

Total completions were at a SAAR of 1,410,000. This is 4.6% (±11.6%)* below the revised September estimate of 1,478,000 (originally 1.453 million units), but 4.6% (±13.2%)* above the October 2022 SAAR of 1,348,000 units; the NSA comparison: +3.5% YoY.

Single-family housing completions in October were at a SAAR of 993,000; this is 0.9% (±12.3%)* below the revised September rate of 1,002,000 units (+0.8% YoY). Multi-family: 417,000 units (-12.4% MoM; +10.2% YoY).

Click image for larger view

Click image for larger view

Total permits were at a SAAR of 1,487,000 units (1.463 million expected). This is 1.1% above the revised September rate of 1,471,000 (originally 1.473 million units), but 4.4% below the October 2022 SAAR of 1,555,000 units; the NSA comparison: -0.4% YoY.

Single-family authorizations in October were at a rate of 968,000; this is 0.5% above the revised September figure of 963,000 units (+19.0% YoY). Multi-family: 519,000 units (+2.2% MoM; -23.0% YoY).

Click image for larger view

Click image for larger view

Press release from NAHB’s Robert Dietz:

“High mortgage rates that approached 8% earlier this month continue to hammer builder confidence, but recent economic data suggest housing conditions may improve in the coming months.

“Builder confidence in the market for newly built single-family homes in November fell six points to 34 in November, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). This is the fourth consecutive monthly drop in builder confidence, as sentiment levels have declined 22 points since July and are at their lowest level since December 2022. Also of note, nearly the entire HMI data for November was collected before the latest Consumer Price Index was released and showed that inflation is moderating.

“The rise in interest rates since the end of August has dampened builder views of market conditions, as a large number of prospective buyers were priced out of the market. Moreover, higher short-term interest rates have increased the cost of financing for home builders and land developers, adding another headwind for housing supply in a market low on resale inventory. While the Federal Reserve is fighting inflation, state and local policymakers could also help by reducing the regulatory burdens on the cost of land development and home building, thereby allowing more attainable housing supply to the market.

“While builder sentiment was down again in November, recent macroeconomic data point to improving conditions for home construction in the coming months. In particular, the 10-year Treasury rate moved back to the 4.5% range for the first time since late September, which will help bring mortgage rates close to or below 7.5%. Given the lack of existing home inventory, somewhat lower mortgage rates will price-in housing demand and likely set the stage for improved builder views of market conditions in December.

“NAHB is forecasting approximately a 5% increase for single-family starts in 2024 as financial conditions ease with improving inflation data in the months ahead.

“But with mortgage rates running above 7% since mid-August, per Freddie Mac data, many builders continue to reduce home prices to boost sales. In November, 36% of builders reported cutting home prices, up from 32% in the previous two months. This is the highest share of builders cutting prices during this cycle, tying the previous high point set in November 2022. The average price reduction in November remained at 6%, unchanged from the previous month. Meanwhile, 60% of builders provided sales incentives of all forms in November, down slightly from 62% in October.”

The foregoing comments represent the general economic views and analysis of Delphi Advisors, and are provided solely for the purpose of information, instruction and discourse. They do not constitute a solicitation or recommendation regarding any investment.

September 2023 Residential Permits, Starts and Completions

Click image for larger view

Click image for larger view

Builders started construction of privately-owned housing units in September at a seasonally adjusted annual rate (SAAR) of 1,358,000 units (1.394 million expected). This is 7.0% (±15.8%)* above the revised August estimate of 1,269,000 (originally 1.283 million units), but 7.2% (±12.1%)* below the September 2022 SAAR of 1,463,000 units; the not-seasonally adjusted YoY change (shown in the table above) was -7.7%.

Single-family housing starts in September were at a rate of 963,000; this is 3.2% (±10.8%)* above the revised August figure of 933,000 units (+9.2% YoY). Multi-family: 395,000 units (+17.6% MoM; -32.7% YoY).

* 90% confidence interval (CI) is not statistically different from zero. The Census Bureau does not publish CIs for the entire multi-unit category.

Click image for larger view

Click image for larger view

Total completions were at a SAAR of 1,453,000 units. This is 6.6% (±10.2%)* above the revised August estimate of 1,363,000 (originally 1.406 million units) and 1.0% (±13.7%)* above the September 2022 SAAR of 1,438,000 units; the NSA comparison: +1.7% YoY.

Single-family completions were at a SAAR of 998,000; this is 5.3% (±11.2%)* above the revised August rate of 948,000 units (-4.7% YoY). Multi-family: 455,000 units (+9.6% MoM; +19.4% YoY).

Click image for larger view

Click image for larger view

Total permits were at a SAAR of 1,473,000 units (1.450 million expected). This is 4.4% below the revised August rate of 1,541,000 (originally 1.543 million units) and 7.2% below the September 2022 SAAR of 1,588,000 units; the NSA comparison: -12.2% YoY.

Single-family permits were at a SAAR of 965,000; this is 1.8% above the revised August figure of 948,000 units (+6.7% YoY). Multi-family: 508,000 units (-14.3% MoM; -34.4% YoY).

Click image for larger view

Click image for larger view

Press release from NAHB’s Robert Dietz:

“Stubbornly high mortgage rates that have climbed to a 23-year high and have remained above 7% for the past two months continue to take a heavy toll on builder confidence, as sentiment levels have dropped to the lowest point since January 2023.

“Builder confidence in the market for newly built single-family homes in October fell four points to 40 from a downwardly revised September reading, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). This is the third consecutive monthly drop in builder confidence.

“Buyers continue to be priced out of the market at these levels of interest rates, particularly younger households. Additionally, elevated rates are also increasing the cost and decreasing the availability of builder development and construction loans, which harms supply and contributes to lower housing affordability.

“Since late September, mortgage rates are up nearly 40 basis points to 7.57%, according to Freddie Mac. Interest rates have increased on the Federal Reserve’s apparent higher-for-longer monetary policy stance, better than expected macro growth during the third quarter and longer-term concerns over government budget deficits.

“The housing affordability crisis can only be solved by adding additional attainable, affordable supply. Boosting housing production would help reduce the shelter inflation component that was responsible for more than half of the overall Consumer Price Index increase in September and aid the Fed’s mission to bring inflation back down to 2%.  However, uncertainty regarding monetary policy is contributing to affordability challenges in the market.

“As a result of the extended high interest environment, many builders continue to reduce home prices to boost sales. In October, 32% of builders reported cutting home prices, unchanged from the previous month but still the highest rate since December 2022 (35%). The average price discount remains at 6%. Meanwhile, 62% of builders provided sales incentives of all forms in October, up from 59% in September and tied with the previous high for this cycle set in December 2022.”

The foregoing comments represent the general economic views and analysis of Delphi Advisors, and are provided solely for the purpose of information, instruction and discourse. They do not constitute a solicitation or recommendation regarding any investment.