The overall drop in the Index stemmed in part from the fact that very few contractors (16%) now express high confidence in the market’s ability to provide new business opportunities in the next 12 months, and there was a 30 percentage point drop in contractors expecting their revenues to increase.
In a further sign that the housing market is rebounding from the COVID-19 pandemic, sales of newly built, single-family homes rose 16.6 percent to a seasonally adjusted annual rate of 676,000 units in May from a downwardly revised reading in April.
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