Vol. 23, No. 21 June 6-9, 2023 Momentum index posts mixed signals; warehouse, hotel construction show signs of cooling Momentum index diverges by subcategoryThe Dodge Momentum Index fell 2.0% in May but rose 11% year-over-year (y/y), Dodge Construction Network reported on Wednesday…   Read more Retailers pare warehouse space“Retailers are shedding warehouse space and paring back their logistics networks now that the disruptions that slowed supply chains during the Covid-19 pandemic have largely receded and consumer spending patterns are shifting toward services,” the Wall Street Journal reported on Wednesday… Read more Regional banks tighten lending for hotels  “Tighter lending standards from regional banks are making it harder for U.S. hotel developers to secure funding, slowing construction of new hotels at a time Americans’ appetite for travel is ripe,” Reuters reported on Monday…Multifamily permits increase most in outer metro countiesAn analysis the National Association Home Builders posted on Tuesday of multifamily permits by location type (counties within large or small metros or outside of metros) found “the multifamily construction market remains strong with all [market types] having positive growth rates in the first quarter [Q1] of 2023… Read more Engineering firm sentiment remains optimistic“Current sentiment for [engineering] firms and the industry remains extremely optimistic,” the ACEC Research Institute reported in releasing its 2023 Q2 Engineering Business Sentiment survey… Read more Purchasing managers report positive construction sentiment“Economic activity in the services sector expanded in May for the fifth consecutive month,” the Institute for Supply Management reported on Monday… Read more