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      "text": "Rebar Consumption by End Market (% of 2021 Total) End Markets Other residential Single-family housing Other non-residential Office Healthcare Educational Public Utilities Commercial and Industrial Other public Sewer and waste Highways Residential Private Non-Residential Public Infrastructure",
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      "text": "Rebar Consumption Intensities2 (5-yr avg: tons of rebar consumed per $ million of value put-in-place) 30 26.4 20 10 3.6 5.2 0 Residential Non-Res Infrastructure",
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      "text": "$250B Federal Support for Green Energy from the Inflation Reduction Act CHIPS Act and re-shoring; ~$350B in major projects announced across semiconductors, electric vehicles, and EV batteries",
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      "text": "Residential inventories for sale are structurally low in most geographic markets. Despite higher interest rates, housing starts have been stable at rates above pre-pandemic levels since July 2022",
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      "text": "Less than 10% of rebar consumption is unsupported by structural factors and at high-risk from tighter lending standards",
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      "text": "Infrastructure Investment and Jobs Act provides $550B in federal funding over five years; expected to create 1.5 million tons of rebar consumption at full run-rate",
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      "text": "The construction end markets receiving increased levels of investment are the most rebar-intensive and least sensitive to interest rates and bank lending",
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      "text": "[1] Rebar consumption data for calendar 2021 from Concrete Reinforcing Steel Institute\n[2] Rebar intensities equal to consumption by market segment per Concrete Reinforcing Steel Institute divided by total construction spending by market segment\nper the U.S. Census Bureau",
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