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Dodge Momentum Index Increases Again
The Dodge Momentum Index, a leading indicator of construction spending, grew 0.8 percent in June to 165.5 (Year 2000=100) from May's revised 164.2 reading.
The Momentum Index measures the first report for nonresidential building projects in planning, which generally leads construction spending by a full year.
June's increase marks the fifth straight monthly increase for the index, which is nearing a ten-year high. Dodge Data & Analytics, New York, said the trend suggests the moderate strengthening of construction activity currently underway will continue through 2018. "At the same time, the gains for the Momentum Index during the most recent two months have been considerably smaller than what took place from last October through April, returning to a pace more consistent with the gradual expansion that's been present since the recovery began back in 2011," the report said.
Pretium Partners Closes Single-Family Rental Fund at $1B-Plus
Pretium Partners, New York, closed a single-family rental fund, Pretium Residential Real Estate Fund II. Total equity capital committed during the fundraising period exceeded $1 billion, including SFR Fund II and targeted commitments from separately managed accounts pursuing single-family rental strategies.
Pretium Residential Real Estate Fund I, which closed in 2013, totaled $1.18 billion in equity commitments.
Pretium is the largest private owner of single-family rental homes in the United States, with more than 26,000 homes owned and under management across 15 markets.
SFR Fund II seeks to provide investors access to a pool of single-family homes across attractive major markets experiencing above-average employment and population growth. The fund received backing from investors including insurance companies, pension funds and high-net worth individuals.
The new single-family rental fund will use Pretium's self-managed real estate platform, Progress Residential, to acquire, renovate and manage single-family homes. More than 5,000 homes have already been purchased by Progress for SFR Fund II.