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      "text": "U.S. Rebar Consumption (million tons) from Dec-13 to Dec-22, showing periods of Recovery, Stability, and Structural Adjustment.",
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      "text": "Dodge Momentum Index registered its 3rd highest reading in February, pointing toward growth in private non-residential construction. Highway awards lead construction activity. Growth in 2022 awards signals a strong spring and summer construction season for 2023. CMC's internal demand measures echo key external indicators. The flow of new work into the project pipeline remains robust, with a solid blend of private and public work. Backlog repricing over the last six quarters, combined with strong award activity, has led to historically high value in backlog.",
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      "text": "The ongoing Structural Adjustment has occurred in phases: 1) Pandemic driven North to South migration and residential buildout 2) Construction of e-commerce facilities, warehouses, and data centers 3) Major reshoring projects (e.g., semiconductors, LNG facilities, automotive suppliers) 4) Federally funded infrastructure investment is yet to impact construction activity, but is expected to do so in calendar 2023",
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      "text": "External Indicators: Dodge Momentum Index ↑43% y/y, State Highway Contract Awards ↑24% y/y. Internal Indicators: CMC New Project Bid Volumes ↑34% y/y, Downstream Backlog Value ↑20% y/y.",
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      "text": "[1] Data from Steel Manufacturers' Association [2] Growth in state and local government highway contracts awarded in 2022 vs. 2021 as reported by the American Road and Transportation Builders Association",
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      "text": "Attractive Market Environment in North America",
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