Friday, October 23, 2026

Industry and power

Here is what the official figures say about industry and power. Industrial production was up 2.2 percent from a year earlier in September 2026, by the Federal Reserve's industrial production index.

It measures the output of the nation's factories, mines and utilities. Construction spending on manufacturing plants was $170.7 billion at a seasonally adjusted annual rate in August 2026, according to the Census Bureau. That is up from $170.3 billion in July 2026.

Construction spending on power projects was $186.0 billion at a seasonally adjusted annual rate in August 2026, according to the Census Bureau. That is up from $184.4 billion in July 2026.

Power construction covers electric generation, transmission and distribution projects. The average U.S. price of electricity was 19.6 cents per kilowatt-hour in September 2026, according to the Bureau of Labor Statistics. That is unchanged from August 2026. It is an average across U.S. cities. The rate at any one site depends on its own utility.

The figures come from FRED, the data service of the Federal Reserve Bank of St. Louis.

Construction spending by type

Here is where construction money is going, by type of project, from the Census Bureau's monthly survey. Residential construction spending was $894.6 billion at a seasonally adjusted annual rate in August 2026, according to the Census Bureau. That is up from $885.0 billion in July 2026.

Construction spending on manufacturing plants was $170.7 billion at a seasonally adjusted annual rate in August 2026, according to the Census Bureau. That is up from $170.3 billion in July 2026.

Construction spending on power projects was $186.0 billion at a seasonally adjusted annual rate in August 2026, according to the Census Bureau. That is up from $184.4 billion in July 2026.

Power construction covers electric generation, transmission and distribution projects. Public construction spending was $547.8 billion at a seasonally adjusted annual rate in August 2026, according to the Census Bureau. That is up from $546.8 billion in July 2026. It is what federal, state and local governments spend on building, from roads and schools to water systems.

The figures come from FRED, the data service of the Federal Reserve Bank of St. Louis.

The interest-rates board

Here is the interest-rates board: the rates that set what borrowing costs, from their official sources. The bank prime loan rate was 6.87 percent in September 2026, according to the Federal Reserve. A year earlier it was 7.38 percent.

The upper end of the federal funds target range was 4.00 percent on October 23, according to the Federal Reserve. A year earlier it was 4.25 percent.

The Secured Overnight Financing Rate was 3.90 percent on October 22, according to the Federal Reserve Bank of New York. A year earlier it was 4.24 percent.

The average 30-year fixed mortgage rate was 7.32 percent in the week of October 22, according to Freddie Mac's weekly survey. A year earlier it was 6.19 percent.

The average 15-year fixed mortgage rate was 6.68 percent in the week of October 22, according to Freddie Mac's weekly survey. A year earlier it was 5.44 percent.

The 10-year Treasury yield was 5.13 percent on October 21, according to the Federal Reserve. A year earlier it was 3.97 percent.

In its latest Summary of Economic Projections, the Federal Reserve's median projection for the federal funds rate is 4.1 percent at the end of 2026, 4.1 percent at the end of 2027 and 3.9 percent at the end of 2028. Each rate is shown with the date it is for, and the figures come from FRED.

The economy in four figures

Here is the economy in four official figures. Total U.S. nonfarm payroll jobs were 159.0 million in September 2026, according to the Bureau of Labor Statistics. That is unchanged from August 2026.

It counts jobs at businesses and in government, from the Bureau of Labor Statistics' monthly survey of employers. The U.S. unemployment rate was 4.2 percent in September 2026, according to the Bureau of Labor Statistics. That is up from 4.1 percent in August 2026.

Consumer prices were up 3.7 percent from a year earlier in September 2026, by the Consumer Price Index from the Bureau of Labor Statistics. Industrial production was up 2.2 percent from a year earlier in September 2026, by the Federal Reserve's industrial production index.

It measures the output of the nation's factories, mines and utilities. The figures come from FRED, the data service of the Federal Reserve Bank of St. Louis.

The housing market

Here is the housing market in four official figures. Sales of new single-family homes were 684 thousand at a seasonally adjusted annual rate in August 2026, according to the Census Bureau. That is up from 643 thousand in July 2026.

The median sales price of houses sold in the U.S. was $410,700 in the second quarter of 2026, according to the Census Bureau and HUD. That is up from $408,500 in the first quarter of 2026.

U.S. housing starts were 1.22 million homes at a seasonally adjusted annual rate in September 2026, according to the Census Bureau. That is down from 1.29 million homes in August 2026.

A housing start is counted when excavation begins for a new home's foundation. The average 30-year fixed mortgage rate was 7.32 percent in the week of October 22, according to Freddie Mac's weekly survey. That is down from 7.40 percent in the week of October 15. It is a national average. The rate any one borrower is offered depends on the loan and the borrower.

The figures come from FRED, the data service of the Federal Reserve Bank of St. Louis.

Main street in four figures

Here is main street in four official figures. U.S. retail and food service sales were $745.0 billion in September 2026, according to the Census Bureau's advance estimate. That is up from $739.3 billion in August 2026. It is the first, seasonally adjusted estimate of spending at stores and restaurants, and it is revised later.

Total U.S. nonfarm payroll jobs were 159.0 million in September 2026, according to the Bureau of Labor Statistics. That is unchanged from August 2026.

It counts jobs at businesses and in government, from the Bureau of Labor Statistics' monthly survey of employers. Consumer prices were up 3.7 percent from a year earlier in September 2026, by the Consumer Price Index from the Bureau of Labor Statistics.

The bank prime loan rate was 6.87 percent in September 2026, according to the Federal Reserve. That is up from 6.75 percent in August 2026.

Many small-business loans and lines of credit are priced as the prime rate plus a margin. The figures come from FRED, the data service of the Federal Reserve Bank of St. Louis.

The latest official figures

Here are the latest official figures for main street businesses. The unemployment rate in Arkansas was 3.9 percent in September 2026, according to the Bureau of Labor Statistics. That is unchanged from August 2026.

The average 30-year fixed mortgage rate was 7.32 percent in the week of October 22, according to Freddie Mac's weekly survey. That is down from 7.40 percent in the week of October 15. It is a national average. The rate any one borrower is offered depends on the loan and the borrower.

New U.S. business applications were 534,947 in September 2026, according to the Census Bureau's Business Formation Statistics. That is up from 532,051 in August 2026.

It counts applications for a new employer identification number, a first step in starting a business. The figures come from FRED, the data service of the Federal Reserve Bank of St. Louis.

Home prices, state by state

Here is how home prices are moving across the country. The median sales price of houses sold in the U.S. was $410,700 in the second quarter of 2026, according to the Census Bureau and HUD.

Through the day, each region gets its own look: the Northeast, the Southeast, the Midwest, the Southwest and the West.

Southeast: home prices

Here is how home prices changed over the past year in the Southeast, state by state, by the Federal Housing Finance Agency's house price index. Alabama: no figure from a year earlier.

Arkansas: no figure from a year earlier. Florida: no figure from a year earlier.

Georgia: no figure from a year earlier. Kentucky: no figure from a year earlier.

Louisiana: no figure from a year earlier. Mississippi: no figure from a year earlier.

North Carolina: no figure from a year earlier. South Carolina: no figure from a year earlier.

Tennessee: no figure from a year earlier. Virginia: no figure from a year earlier.

West Virginia: no figure from a year earlier.

Southeast: building permits

Here are building permits for new homes in the Southeast, state by state. These are the Census Bureau's seasonally adjusted counts of homes authorized in one month. Building permits for new homes in Alabama were 1,698 in August 2026.

Arkansas: 884 in August 2026. Florida: 13,211 in August 2026.

Georgia: 4,837 in August 2026. Kentucky: 1,122 in August 2026.

Louisiana: 1,099 in August 2026. Mississippi: 677 in August 2026.

North Carolina: 7,675 in August 2026. South Carolina: 3,776 in August 2026.

Tennessee: 3,066 in August 2026. Virginia: 3,896 in August 2026.

West Virginia: 267 in August 2026. In the Southeast, the lowest was West Virginia, at 267, and the highest was Florida, at 13,211.

Northeast: jobs

Here are nonfarm payroll jobs in the Northeast, state by state, from the Bureau of Labor Statistics. Nonfarm jobs in Connecticut were 1.73 million in September 2026, up from 1.72 million a year earlier.

Maine: 0.66 million in September 2026, unchanged from a year earlier. Massachusetts: 3.71 million in September 2026, up from 3.69 million a year earlier.

New Hampshire: 0.70 million in September 2026, unchanged from a year earlier. Rhode Island: 0.51 million in September 2026, unchanged from a year earlier.

Vermont: 0.31 million in September 2026, unchanged from a year earlier. New Jersey: 4.38 million in September 2026, up from 4.37 million a year earlier.

New York: 9.97 million in September 2026, up from 9.95 million a year earlier. Pennsylvania: 6.21 million in September 2026, up from 6.17 million a year earlier.

Delaware: 0.50 million in September 2026, up from 0.49 million a year earlier. Maryland: 2.79 million in September 2026, down from 2.81 million a year earlier.

The District of Columbia: 0.72 million in September 2026, down from 0.75 million a year earlier. Added together, these states had 32.20 million jobs in September 2026, 0.2 percent more than a year earlier.

Midwest: building permits

Here are building permits for new homes in the Midwest, state by state. These are the Census Bureau's seasonally adjusted counts of homes authorized in one month. Building permits for new homes in Illinois were 1,871 in August 2026.

Indiana: 2,265 in August 2026. Iowa: 1,013 in August 2026.

Kansas: 838 in August 2026. Michigan: 1,626 in August 2026.

Minnesota: 1,672 in August 2026. Missouri: 1,693 in August 2026.

Nebraska: 843 in August 2026. North Dakota: 171 in August 2026.

Ohio: 2,526 in August 2026. South Dakota: 474 in August 2026.

Wisconsin: 2,244 in August 2026. In the Midwest, the lowest was North Dakota, at 171, and the highest was Ohio, at 2,526.

Midwest: home prices

Here is how home prices changed over the past year in the Midwest, state by state, by the Federal Housing Finance Agency's house price index. Illinois: no figure from a year earlier.

Indiana: no figure from a year earlier. Iowa: no figure from a year earlier.

Kansas: no figure from a year earlier. Michigan: no figure from a year earlier.

Minnesota: no figure from a year earlier. Missouri: no figure from a year earlier.

Nebraska: no figure from a year earlier. North Dakota: no figure from a year earlier.

Ohio: no figure from a year earlier. South Dakota: no figure from a year earlier.

Wisconsin: no figure from a year earlier.

Midwest: jobs

Here are nonfarm payroll jobs in the Midwest, state by state, from the Bureau of Labor Statistics. Nonfarm jobs in Illinois were 6.16 million in September 2026, up from 6.15 million a year earlier.

Indiana: 3.26 million in September 2026, down from 3.27 million a year earlier. Iowa: 1.59 million in September 2026, up from 1.58 million a year earlier.

Kansas: 1.47 million in September 2026, unchanged from a year earlier. Michigan: 4.49 million in September 2026, unchanged from a year earlier.

Minnesota: 3.06 million in September 2026, up from 3.03 million a year earlier. Missouri: 3.01 million in September 2026, up from 2.98 million a year earlier.

Nebraska: 1.06 million in September 2026, unchanged from a year earlier. North Dakota: 0.45 million in September 2026, unchanged from a year earlier.

Ohio: 5.69 million in September 2026, up from 5.67 million a year earlier. South Dakota: 0.47 million in September 2026, unchanged from a year earlier.

Wisconsin: 3.04 million in September 2026, up from 3.03 million a year earlier. Added together, these states had 33.75 million jobs in September 2026, 0.3 percent more than a year earlier.

Midwest: unemployment

Here is the unemployment rate in the Midwest, state by state, from the Bureau of Labor Statistics. The unemployment rate in Illinois was 4.6 percent in September 2026, up from 4.5 percent a year earlier.

Indiana: 3.4 percent in September 2026, down from 3.7 percent a year earlier. Iowa: 3.2 percent in September 2026, down from 3.4 percent a year earlier.

Kansas: 3.8 percent in September 2026, unchanged from a year earlier. Michigan: 5.0 percent in September 2026, up from 4.9 percent a year earlier.

Minnesota: 4.5 percent in September 2026, up from 4.1 percent a year earlier. Missouri: 3.6 percent in September 2026, down from 3.9 percent a year earlier.

Nebraska: 2.9 percent in September 2026, unchanged from a year earlier. North Dakota: 2.2 percent in September 2026, down from 2.6 percent a year earlier.

Ohio: 3.4 percent in September 2026, down from 4.3 percent a year earlier. South Dakota: 2.0 percent in September 2026, down from 2.1 percent a year earlier.

Wisconsin: 3.2 percent in September 2026, up from 3.1 percent a year earlier. In the Midwest, the lowest was South Dakota, at 2.0 percent, and the highest was Michigan, at 5.0 percent.

Southwest: building permits

Here are building permits for new homes in the Southwest, state by state. These are the Census Bureau's seasonally adjusted counts of homes authorized in one month. Building permits for new homes in Arizona were 4,172 in August 2026.

New Mexico: 692 in August 2026. Oklahoma: 1,210 in August 2026.

Texas: 14,348 in August 2026. In the Southwest, the lowest was New Mexico, at 692, and the highest was Texas, at 14,348.

Southwest: home prices

Here is how home prices changed over the past year in the Southwest, state by state, by the Federal Housing Finance Agency's house price index. Arizona: no figure from a year earlier.

New Mexico: no figure from a year earlier. Oklahoma: no figure from a year earlier.

Texas: no figure from a year earlier.

Southwest: jobs

Here are nonfarm payroll jobs in the Southwest, state by state, from the Bureau of Labor Statistics. Nonfarm jobs in Arizona were 3.28 million in September 2026, up from 3.26 million a year earlier.

New Mexico: 0.90 million in September 2026, up from 0.89 million a year earlier. Oklahoma: 1.80 million in September 2026, up from 1.79 million a year earlier.

Texas: 14.46 million in September 2026, up from 14.31 million a year earlier. Added together, these states had 20.44 million jobs in September 2026, 1.0 percent more than a year earlier.

Southwest: unemployment

Here is the unemployment rate in the Southwest, state by state, from the Bureau of Labor Statistics. The unemployment rate in Arizona was 4.9 percent in September 2026, up from 4.4 percent a year earlier.

New Mexico: 4.7 percent in September 2026, up from 4.2 percent a year earlier. Oklahoma: 4.2 percent in September 2026, up from 3.6 percent a year earlier.

Texas: 4.4 percent in September 2026, up from 4.3 percent a year earlier. In the Southwest, the lowest was Oklahoma, at 4.2 percent, and the highest was Arizona, at 4.9 percent.

West: jobs

Here are nonfarm payroll jobs in the West, state by state, from the Bureau of Labor Statistics. Nonfarm jobs in Alaska were 0.34 million in September 2026, unchanged from a year earlier.

California: 18.15 million in September 2026, up from 18.02 million a year earlier. Colorado: 2.97 million in September 2026, up from 2.96 million a year earlier.

Hawaii: 0.64 million in September 2026, unchanged from a year earlier. Idaho: 0.89 million in September 2026, up from 0.88 million a year earlier.

Montana: 0.52 million in September 2026, down from 0.53 million a year earlier. Nevada: 1.62 million in September 2026, up from 1.59 million a year earlier.

Oregon: 1.97 million in September 2026, down from 1.98 million a year earlier. Utah: 1.80 million in September 2026, up from 1.77 million a year earlier.

Washington: 3.65 million in September 2026, up from 3.63 million a year earlier. Wyoming: 0.30 million in September 2026, up from 0.29 million a year earlier.

Added together, these states had 32.86 million jobs in September 2026, 0.7 percent more than a year earlier.

West: building permits

Here are building permits for new homes in the West, state by state. These are the Census Bureau's seasonally adjusted counts of homes authorized in one month. Building permits for new homes in Alaska were 56 in August 2026.

California: 9,087 in August 2026. Colorado: 2,074 in August 2026.

Hawaii: 258 in August 2026. Idaho: 1,747 in August 2026.

Montana: 527 in August 2026. Nevada: 1,134 in August 2026.

Oregon: 944 in August 2026. Utah: 1,857 in August 2026.

Washington: 2,092 in August 2026. Wyoming: 169 in August 2026.

In the West, the lowest was Alaska, at 56, and the highest was California, at 9,087.

West: home prices

Here is how home prices changed over the past year in the West, state by state, by the Federal Housing Finance Agency's house price index. Alaska: no figure from a year earlier.

California: no figure from a year earlier. Colorado: no figure from a year earlier.

Hawaii: no figure from a year earlier. Idaho: no figure from a year earlier.

Montana: no figure from a year earlier. Nevada: no figure from a year earlier.

Oregon: no figure from a year earlier. Utah: no figure from a year earlier.

Washington: no figure from a year earlier. Wyoming: no figure from a year earlier.

West: unemployment

Here is the unemployment rate in the West, state by state, from the Bureau of Labor Statistics. The unemployment rate in Alaska was 4.3 percent in September 2026, down from 4.7 percent a year earlier.

California: 5.1 percent in September 2026, down from 5.5 percent a year earlier. Colorado: 4.1 percent in September 2026, up from 3.8 percent a year earlier.

Hawaii: 2.8 percent in September 2026, up from 2.1 percent a year earlier. Idaho: 3.6 percent in September 2026, unchanged from a year earlier.

Montana: 3.1 percent in September 2026, down from 3.5 percent a year earlier. Nevada: 4.7 percent in September 2026, down from 5.2 percent a year earlier.

Oregon: 5.0 percent in September 2026, down from 5.3 percent a year earlier. Utah: 3.5 percent in September 2026, down from 3.6 percent a year earlier.

Washington: 4.8 percent in September 2026, up from 4.7 percent a year earlier. Wyoming: 3.0 percent in September 2026, down from 3.4 percent a year earlier.

In the West, the lowest was Hawaii, at 2.8 percent, and the highest was California, at 5.1 percent.

Northeast: home prices

Here is how home prices changed over the past year in the Northeast, state by state, by the Federal Housing Finance Agency's house price index. Connecticut: no figure from a year earlier.

Maine: no figure from a year earlier. Massachusetts: no figure from a year earlier.

New Hampshire: no figure from a year earlier. Rhode Island: no figure from a year earlier.

Vermont: no figure from a year earlier. New Jersey: no figure from a year earlier.

New York: no figure from a year earlier. Pennsylvania: no figure from a year earlier.

Delaware: no figure from a year earlier. Maryland: no figure from a year earlier.

The District of Columbia: no figure from a year earlier.

Southeast: construction jobs

Here are construction jobs in the Southeast, state by state, from the Bureau of Labor Statistics. Construction jobs in Alabama were 113.1 thousand in September 2026, up from 110.3 thousand a year earlier.

Arkansas: 67.3 thousand in September 2026, up from 66.1 thousand a year earlier. Florida: 657.0 thousand in September 2026, up from 653.7 thousand a year earlier.

Georgia: 231.8 thousand in September 2026, down from 236.7 thousand a year earlier. Kentucky: 92.8 thousand in September 2026, unchanged from a year earlier.

Louisiana: 154.2 thousand in September 2026, up from 135.4 thousand a year earlier. Mississippi: 55.4 thousand in September 2026, up from 53.7 thousand a year earlier.

North Carolina: 295.8 thousand in September 2026, up from 279.9 thousand a year earlier. South Carolina: 130.2 thousand in September 2026, up from 124.7 thousand a year earlier.

Virginia: 228.5 thousand in September 2026, down from 231.7 thousand a year earlier. West Virginia: 34.0 thousand in September 2026, down from 35.4 thousand a year earlier.

In the Southeast, the lowest was West Virginia, at 34.0 thousand, and the highest was Florida, at 657.0 thousand.

Home building, state by state

Here is home building across the whole country, from the Census Bureau. Building permits for new U.S. homes were 1.40 million at a seasonally adjusted annual rate in September 2026, according to the Census Bureau. A year earlier it was 1.44 million.

U.S. housing starts were 1.22 million homes at a seasonally adjusted annual rate in September 2026, according to the Census Bureau. A year earlier it was 1.32 million homes.

Among the states, the most homes were authorized in Texas, at 14,348, and the fewest in Alaska, at 56. Through the day, each region gets its own look: the Northeast, the Southeast, the Midwest, the Southwest and the West.

Jobs, state by state

Here are jobs across the whole country, from the Bureau of Labor Statistics. Total U.S. nonfarm payroll jobs were 159.0 million in September 2026, according to the Bureau of Labor Statistics. A year earlier it was 158.5 million.

Among the states, the most jobs were in California, at 18.15 million, and the fewest in Wyoming, at 0.30 million. Through the day, each region gets its own look: the Northeast, the Southeast, the Midwest, the Southwest and the West.

Northeast: building permits

Here are building permits for new homes in the Northeast, state by state. These are the Census Bureau's seasonally adjusted counts of homes authorized in one month. Building permits for new homes in Connecticut were 301 in August 2026.

Maine: 480 in August 2026. Massachusetts: 1,250 in August 2026.

New Hampshire: 308 in August 2026. Rhode Island: 166 in August 2026.

Vermont: 123 in August 2026. New Jersey: 2,167 in August 2026.

New York: 3,641 in August 2026. Pennsylvania: 2,323 in August 2026.

Delaware: 570 in August 2026. Maryland: 1,022 in August 2026.

The District of Columbia: 202 in August 2026. In the Northeast, the lowest was Vermont, at 123, and the highest was New York, at 3,641.

Southeast: jobs

Here are nonfarm payroll jobs in the Southeast, state by state, from the Bureau of Labor Statistics. Nonfarm jobs in Alabama were 2.22 million in September 2026, up from 2.20 million a year earlier.

Arkansas: 1.35 million in September 2026, up from 1.34 million a year earlier. Florida: 10.05 million in September 2026, up from 9.99 million a year earlier.

Georgia: 4.98 million in September 2026, unchanged from a year earlier. Kentucky: 2.03 million in September 2026, unchanged from a year earlier.

Louisiana: 2.02 million in September 2026, up from 1.99 million a year earlier. Mississippi: 1.20 million in September 2026, up from 1.19 million a year earlier.

North Carolina: 5.13 million in September 2026, up from 5.06 million a year earlier. South Carolina: 2.44 million in September 2026, up from 2.39 million a year earlier.

Tennessee: 3.39 million in September 2026, up from 3.36 million a year earlier. Virginia: 4.25 million in September 2026, down from 4.28 million a year earlier.

West Virginia: 0.72 million in September 2026, unchanged from a year earlier. Added together, these states had 39.78 million jobs in September 2026, 0.7 percent more than a year earlier.

Southeast: unemployment

Here is the unemployment rate in the Southeast, state by state, from the Bureau of Labor Statistics. The unemployment rate in Alabama was 3.5 percent in September 2026, up from 2.8 percent a year earlier.

Arkansas: 3.9 percent in September 2026, down from 4.2 percent a year earlier. Florida: 4.4 percent in September 2026, up from 4.2 percent a year earlier.

Georgia: 3.3 percent in September 2026, down from 3.4 percent a year earlier. Kentucky: 4.7 percent in September 2026, up from 4.5 percent a year earlier.

Louisiana: 4.0 percent in September 2026, down from 4.2 percent a year earlier. Mississippi: 3.3 percent in September 2026, down from 3.7 percent a year earlier.

North Carolina: 3.4 percent in September 2026, down from 3.9 percent a year earlier. South Carolina: 4.0 percent in September 2026, down from 4.7 percent a year earlier.

Tennessee: 3.4 percent in September 2026, down from 3.5 percent a year earlier. Virginia: 3.6 percent in September 2026, up from 3.4 percent a year earlier.

West Virginia: 4.0 percent in September 2026, down from 4.5 percent a year earlier. In the Southeast, the lowest was Georgia, at 3.3 percent, and the highest was Kentucky, at 4.7 percent.

Northeast: unemployment

Here is the unemployment rate in the Northeast, state by state, from the Bureau of Labor Statistics. The unemployment rate in Connecticut was 5.1 percent in September 2026, up from 4.2 percent a year earlier.

Maine: 3.3 percent in September 2026, unchanged from a year earlier. Massachusetts: 4.3 percent in September 2026, down from 4.6 percent a year earlier.

New Hampshire: 2.6 percent in September 2026, down from 3.2 percent a year earlier. Rhode Island: 3.6 percent in September 2026, down from 4.3 percent a year earlier.

Vermont: 2.6 percent in September 2026, unchanged from a year earlier. New Jersey: 4.2 percent in September 2026, down from 5.5 percent a year earlier.

New York: 4.3 percent in September 2026, down from 4.6 percent a year earlier. Pennsylvania: 3.6 percent in September 2026, down from 4.4 percent a year earlier.

Delaware: 4.6 percent in September 2026, down from 5.2 percent a year earlier. Maryland: 3.9 percent in September 2026, down from 4.3 percent a year earlier.

The District of Columbia: 5.6 percent in September 2026, down from 6.6 percent a year earlier. In the Northeast, the lowest was New Hampshire, at 2.6 percent, and the highest was the District of Columbia, at 5.6 percent.

Where jobs grew fastest

Here are the states where jobs grew fastest over the year to September 2026, from the Bureau of Labor Statistics. First was South Carolina, up 2.3 percent. Next came Louisiana, up 1.8 percent, Nevada, up 1.6 percent, Utah, up 1.5 percent, and North Carolina, up 1.3 percent. At the other end were the District of Columbia, down 3.5 percent, Montana, down 1.0 percent, and Virginia, down 0.6 percent.

The ranking is worked out from the published figures from the Bureau of Labor Statistics.

Lowest unemployment, by state

Here are the states with the lowest unemployment rates in September 2026, from the Bureau of Labor Statistics. First was South Dakota, 2.0 percent. Next came North Dakota, 2.2 percent, New Hampshire, 2.6 percent, Vermont, 2.6 percent, and Hawaii, 2.8 percent. At the other end were the District of Columbia, 5.6 percent, California, 5.1 percent, and Connecticut, 5.1 percent.

The ranking is worked out from the published figures from the Bureau of Labor Statistics.

Where construction jobs grew

Here are the states where construction jobs grew fastest over the year to September 2026, from the Bureau of Labor Statistics. First was Louisiana, up 13.9 percent. Next came Wyoming, up 8.4 percent, Illinois, up 6.0 percent, Kansas, up 5.8 percent, and Ohio, up 5.8 percent. At the other end were Alaska, down 5.3 percent, West Virginia, down 4.0 percent, and New Hampshire, down 2.2 percent.

The ranking is worked out from the published figures from the Bureau of Labor Statistics.

Mortgage rates, two years

Here is the 30-year mortgage rate over the past two years. The latest figure, for the week of October 22, 2026, is 7.32 percent, according to Freddie Mac's weekly survey.

At the start of this period, in the week of October 17, 2024, it was 6.44 percent. The high point in that time was 7.40 percent, in the week of October 8, 2026. The low point was 5.98 percent, in the week of February 26, 2026. It is a national average. The rate any one borrower is offered depends on the loan and the borrower.

Retail sales, two years

Here are two years of U.S. retail and food service sales. The latest figure, for September 2026, is $745.0 billion, according to the Census Bureau's advance estimate.

At the start of this period, in September 2024, it was $676.0 billion. The latest figure is the highest in that time. That starting figure was the lowest in that time. It is the first, seasonally adjusted estimate of spending at stores and restaurants, and it is revised later.

Factory construction, two years

Here is construction spending on manufacturing plants over the past two years. The latest figure, for August 2026, is $170.7 billion, according to the Census Bureau.

At the start of this period, in August 2024, it was $249.8 billion. The high point in that time was $250.2 billion, in September 2024. The low point was $170.3 billion, in July 2026.

Construction spending, two years

Here is total U.S. construction spending over the past two years. The latest figure, for August 2026, is $2.20 trillion, according to the Census Bureau.

At the start of this period, in August 2024, it was $2.25 trillion. The high point in that time was $2.27 trillion, in February 2025. The low point was $2.17 trillion, in April 2026.

It counts residential, nonresidential and public construction together.

Housing starts, two years

Here is housing starts over the past two years. The latest figure, for September 2026, is 1.22 million homes, according to the Census Bureau.

At the start of this period, in September 2024, it was 1.36 million homes. The high point in that time was 1.52 million homes, in March 2026. The low point was 1.18 million homes, in May 2026.

A housing start is counted when excavation begins for a new home's foundation.

Unemployment, two years

Here is the U.S. unemployment rate over the past two years. The latest figure, for September 2026, is 4.2 percent, according to the Bureau of Labor Statistics.

At the start of this period, in September 2024, it was 4.1 percent. The high point in that time was 4.5 percent, in November 2025. The low point was 4.0 percent, in January 2025.

New-home sales, two years

Here is sales of new single-family homes over the past two years. The latest figure, for August 2026, is 684 thousand, according to the Census Bureau.

At the start of this period, in August 2024, it was 687 thousand. The high point in that time was 757 thousand, in November 2025. The low point was 576 thousand, in January 2026.

Power construction, two years

Here is construction spending on power projects over the past two years. The latest figure, for August 2026, is $186.0 billion, according to the Census Bureau.

At the start of this period, in August 2024, it was $167.5 billion. The latest figure is the highest in that time. That starting figure was the lowest in that time.

Power construction covers electric generation, transmission and distribution projects.

The prime rate, two years

Here is the bank prime loan rate over the past two years. The latest figure, for September 2026, is 6.87 percent, according to the Federal Reserve.

At the start of this period, in September 2024, it was 8.30 percent. That starting figure was the highest in that time. The low point was 6.75 percent, in January 2026.

Many small-business loans and lines of credit are priced as the prime rate plus a margin.

House prices, two years

Here is the median sales price of U.S. houses over the past two years. The latest figure, for the second quarter of 2026, is $410,700, according to the Census Bureau and HUD.

At the start of this period, in the second quarter of 2024, it was $414,500. The high point in that time was $423,100, in the first quarter of 2025. The low point was $408,500, in the first quarter of 2026.

Jobs, two years

Here are two years of U.S. nonfarm payroll jobs. The latest figure, for September 2026, is 159.0 million, according to the Bureau of Labor Statistics.

At the start of this period, in September 2024, it was 157.9 million. The latest figure is the highest in that time. That starting figure was the lowest in that time.

It counts jobs at businesses and in government, from the Bureau of Labor Statistics' monthly survey of employers.

Building permits, two years

Here is building permits for new homes over the past two years. The latest figure, for September 2026, is 1.40 million, according to the Census Bureau.

At the start of this period, in September 2024, it was 1.42 million. The high point in that time was 1.54 million, in February 2026. The low point was 1.35 million, in August 2025.

Permits usually come before starts, which is why they are watched as an early sign of what will be built.

Presidential Declaration of a Major Disaster for Public Assistance Only for the Territory of Guam

Here is a closer look at one item from the Federal Register. On October 14, the Small Business Administration published a notice: Presidential Declaration of a Major Disaster for Public Assistance Only for the Territory of Guam. In its own summary, the agency says this.

This is notice of the Presidential declaration of a major disaster for Public Assistance Only for the Territory of Guam (FEMA- 4946-DR), dated October 7, 2026. Incident: Super Typhoon Bavi.

The Small Business Administration sets the size standards and loan program rules that decide which businesses qualify for federal help.

Marine Mammals; Incidental Take of Polar Bears and Pacific Walruses in the Beaufort Sea and North Slope of Alaska

Here is a closer look at one item from the Federal Register. On October 19, the Interior Department published a final rule: Marine Mammals; Incidental Take of Polar Bears and Pacific Walruses in the Beaufort Sea and North Slope of Alaska. In its own summary, the agency says this.

Take may result from oil and gas exploration, development, production, and transportation activities occurring for a period of 5 years. Oil and gas industry operations include similar types of activities covered by the previous 5-year Beaufort Sea incidental take regulations effective from August 6, 2021, through August 5, 2026.

We will issue letters of authorization, upon request, for specific activities in accordance with these regulations.

Air Quality Plan; Arizona; Agricultural Best Management Practices Rules for the West Pinal County PM10 Nonattainment Area

Here is a closer look at one item from the Federal Register. On October 19, the Environmental Protection Agency published a proposed rule: Air Quality Plan; Arizona; Agricultural Best Management Practices Rules for the West Pinal County PM10 Nonattainment Area. In its own summary, the agency says this.

The U.S. Environmental Protection Agency (EPA) is proposing to approve a revision to the Arizona Department of Environmental Quality (ADEQ or "State") portion of the Arizona State Implementation Plan (SIP). This revision concerns emissions of particulate matter (PM) that are 10 micrometers ([mu]m) or smaller in diameter (PM<INF>10</INF>) from agricultural crop and animal operations in the West Pinal County PM<INF>10</INF> nonattainment area.

We are proposing to approve two local rules to regulate these emission sources under the Clean Air Act (CAA or "Act").

Approval and Promulgation of Implementation Plans-Pinal County (Part); West Pinal, AZ PM10 Nonattainment Area; Moderate Area, Serious Area, and…

Here is a closer look at one item from the Federal Register. On October 19, the Environmental Protection Agency published a proposed rule: Approval and Promulgation of Implementation Plans-Pinal County (Part); West Pinal, AZ PM10 Nonattainment Area; Moderate Area, Serious Area, and…. In its own summary, the agency says this.

The U.S. Environmental Protection Agency (EPA) is proposing to approve a state implementation plan (SIP) revision submitted by the State of Arizona to meet Clean Air Act (CAA or "Act") requirements applicable to the Pinal County (Part); West Pinal PM<INF>10</INF> nonattainment area ("West Pinal County PM<INF>10</INF> Nonattainment Area"). The EPA is proposing to find that the submitted SIP revision meets all applicable "Moderate" area, "Serious" area, and CAA section 189(d) requirements for the PM<INF>10</INF> national ambient air quality standards (NAAQS).

Additionally, the EPA is proposing to approve the PM<INF>10</INF> motor vehicle emissions budgets included with the SIP revision for transportation conformity purposes.

Presidential Declaration of a Major Disaster for Public Assistance Only for the PUEBLO OF ZUNI

Here is a closer look at one item from the Federal Register. On October 15, the Small Business Administration published a notice: Presidential Declaration of a Major Disaster for Public Assistance Only for the PUEBLO OF ZUNI. In its own summary, the agency says this.

This is notice of the Presidential declaration of a major disaster for Public Assistance Only for the Pueblo of Zuni (FEMA-4954- DR), dated October 7, 2026. Incident: Severe Storms and Flooding.

The Small Business Administration sets the size standards and loan program rules that decide which businesses qualify for federal help.

Air Quality Plan; Arizona; Pinal County Air Quality Control District; West Pinal County PM10 Nonattainment Area; Fugitive Dust Rules

Here is a closer look at one item from the Federal Register. On October 19, the Environmental Protection Agency published a proposed rule: Air Quality Plan; Arizona; Pinal County Air Quality Control District; West Pinal County PM10 Nonattainment Area; Fugitive Dust Rules. In its own summary, the agency says this.

The U.S. Environmental Protection Agency (EPA) is proposing to approve revisions to the Pinal County Air Quality Control District (PCAQCD or "District") portion of the Arizona State Implementation Plan (SIP). These revisions concern emissions of particulate matter (PM) that is 10 micrometers or smaller in diameter (PM<INF>10</INF>) from fugitive dust sources, including open areas/vacant lots, unpaved lots, unpaved roads, paved public roadways, and construction sites.

We are proposing to approve local rules to regulate these emission sources under the Clean Air Act (CAA or "Act").

Presidential Declaration of a Major Disaster for Public Assistance Only for the State of Wisconsin

Here is a closer look at one item from the Federal Register. On October 15, the Small Business Administration published a notice: Presidential Declaration of a Major Disaster for Public Assistance Only for the State of Wisconsin. In its own summary, the agency says this.

This is notice of the Presidential declaration of a major disaster for Public Assistance Only for the state of WISCONSIN (FEMA- 4949-DR), dated October 7, 2026. Incident: Severe Storms and Tornadoes.

The Small Business Administration sets the size standards and loan program rules that decide which businesses qualify for federal help.

Presidential Declaration of a Major Disaster for the Territory of GUAM

Here is a closer look at one item from the Federal Register. On October 14, the Small Business Administration published a notice: Presidential Declaration of a Major Disaster for the Territory of GUAM. In its own summary, the agency says this.

This is notice of the Presidential declaration of a major disaster for the Territory of Guam (FEMA-4946-DR), dated October 7, 2026. Incident: Super Typhoon Bavi.

The Small Business Administration sets the size standards and loan program rules that decide which businesses qualify for federal help.

Administrative Declaration of an Economic Injury Disaster for the State of Arizona

Here is a closer look at one item from the Federal Register. On October 19, the Small Business Administration published a notice: Administrative Declaration of an Economic Injury Disaster for the State of Arizona. In its own summary, the agency says this.

This is notice of an Economic Injury Disaster Loan (EIDL) declaration for the state of Arizona dated October 13, 2026. Incident: Flash Flooding at Grand Canyon National Park.

The Small Business Administration sets the size standards and loan program rules that decide which businesses qualify for federal help.

Administrative Declaration of a Disaster for the State of Colorado

Here is a closer look at one item from the Federal Register. On October 19, the Small Business Administration published a notice: Administrative Declaration of a Disaster for the State of Colorado. In its own summary, the agency says this.

This is notice of an Administrative declaration of a disaster for the state of Colorado dated October 14, 2026. Incident: Aspen Acres Fire.

The Small Business Administration sets the size standards and loan program rules that decide which businesses qualify for federal help.

Approval and Promulgation of Implementation Plans; Arizona; Revisions to the Cleaner Burning Gasoline, Winter Oxygenated Fuel, and Gasoline Set-Aside…

Here is a closer look at one item from the Federal Register. On October 19, the Environmental Protection Agency published a final rule: Approval and Promulgation of Implementation Plans; Arizona; Revisions to the Cleaner Burning Gasoline, Winter Oxygenated Fuel, and Gasoline Set-Aside…. In its own summary, the agency says this.

The U.S. Environmental Protection Agency (EPA) is finalizing an approval of a revision to the Arizona State Implementation Plan (SIP) submitted by the Arizona Department of Environmental Quality (ADEQ). This revision includes statutes and regulations amending the Cleaner Burning Gasoline (CBG) program, which is a control measure in the greater Phoenix metropolitan area to reduce emissions of ozone- forming pollutants, carbon monoxide (CO), and particulate matter.

Additionally, this revision addresses the Winter Oxygenated Fuel program to control CO emissions in the Tucson area.

Administrative Declaration of an Economic Injury Disaster for the State of South Carolina

Here is a closer look at one item from the Federal Register. On October 16, the Small Business Administration published a notice: Administrative Declaration of an Economic Injury Disaster for the State of South Carolina. In its own summary, the agency says this.

This is notice of an Economic Injury Disaster Loan (EIDL) declaration for the state of South Carolina dated October 9, 2026. Incident: Walhalla Main Street Fire.

The Small Business Administration sets the size standards and loan program rules that decide which businesses qualify for federal help.

Renewable Fuel Standard (RFS) Program: Reallocation of Additional 2025 Small Refinery Exemptions

Here is a closer look at one item from the Federal Register. On October 16, the Environmental Protection Agency published a proposed rule: Renewable Fuel Standard (RFS) Program: Reallocation of Additional 2025 Small Refinery Exemptions. In its own summary, the agency says this.

One approach would reallocate the additional 2025 SRE volume equally between the 2026 and 2027 SRE reallocation volumes, while the other approach would reallocate all the additional 2025 SRE volume to the 2027 SRE reallocation volume. Additionally, given the proposed revision to the 2026 standards, this proposed action may extend the existing 2026 compliance reporting deadline of March 31, 2027. Public comments are open until December 4.

Presidential Declaration Amendment of a Major Disaster for Public Assistance Only for the State of Kansas

Here is a closer look at one item from the Federal Register. On October 16, the Small Business Administration published a notice: Presidential Declaration Amendment of a Major Disaster for Public Assistance Only for the State of Kansas. In its own summary, the agency says this.

This is an amendment of the Presidential declaration of a major disaster for Public Assistance Only for the State of Kansas (FEMA-4943-DR), dated September 1, 2026. Incident: Severe Storms, Straight-line Winds, Tornadoes, and Flooding.

The Small Business Administration sets the size standards and loan program rules that decide which businesses qualify for federal help.

Significant New Use Rules on Certain Chemical Substances (26-1)

Here is a closer look at one item from the Federal Register. On October 15, the Environmental Protection Agency published a final rule: Significant New Use Rules on Certain Chemical Substances (26-1). In its own summary, the agency says this.

EPA is issuing significant new use rules (SNURs) under the Toxic Substances Control Act (TSCA) for certain chemical substances that were the subject of premanufacture notices (PMNs) and are also subject to an Order issued by EPA pursuant to TSCA. The SNURs require persons to notify EPA at least 90 days before commencing the manufacture (defined by statute to include import) or processing of any of these chemical substances for an activity that is designated as a significant new use in the SNUR.

The required notification initiates EPA's evaluation of the conditions of that use for that chemical substance.

Extending the Reporting Deadline Under the Greenhouse Gas Reporting Rule for Reporting Year 2025 to March 10, 2027

Here is a closer look at one item from the Federal Register. On October 14, the Environmental Protection Agency published a final rule: Extending the Reporting Deadline Under the Greenhouse Gas Reporting Rule for Reporting Year 2025 to March 10, 2027. In its own summary, the agency says this.

The Environmental Protection Agency (EPA) is taking interim final action to extend the reporting deadline under the Greenhouse Gas Reporting Rule for reporting year 2025 data from October 30, 2026, to March 10, 2027. This final action only changes the reporting deadline for annual greenhouse gas reports for reporting year 2025 and makes no other changes to the rule.

The EPA is requesting comments on all aspects of this interim final rule.

Administrative Declaration of a Disaster for the State of Indiana

Here is a closer look at one item from the Federal Register. On October 15, the Small Business Administration published a notice: Administrative Declaration of a Disaster for the State of Indiana. In its own summary, the agency says this.

This is notice of an Administrative declaration of a disaster for the state of Indiana dated October 9, 2026. Incident: Severe Storms, Tornadoes, Straight-line Winds, and Flash Flooding.

The Small Business Administration sets the size standards and loan program rules that decide which businesses qualify for federal help.

Nevada: Codification and Incorporation by Reference of Approved Underground Storage Tank Program

Authorizations for Certain Activities at Liquefied Natural Gas Plants

Virginia: Approval of State Coal Combustion Residuals Permit Program

Here is a closer look at one item from the Federal Register. On October 22, the Environmental Protection Agency published a final rule: Virginia: Approval of State Coal Combustion Residuals Permit Program. In its own summary, the agency says this.

The Environmental Protection Agency (EPA or the Agency) is approving Virginia's coal combustion residuals (CCR) permit program under the Resource Conservation and Recovery Act (RCRA). After reviewing the CCR permit program application submitted by the Virginia Department of Environmental Quality (VADEQ), EPA has determined that Virginia's partial CCR permit program meets the standard for approval under RCRA.

Virginia's CCR permit program will operate in lieu of the Federal CCR program with the exception of the specific provisions noted below.

Utah Underground Injection Control Program; Class VI Primacy

Here is a closer look at one item from the Federal Register. On October 22, the Environmental Protection Agency published a proposed rule: Utah Underground Injection Control Program; Class VI Primacy. In its own summary, the agency says this.

The U.S. Environmental Protection Agency (EPA or Agency) has received a complete Underground Injection Control (UIC) program revision application from the State of Utah, requesting primary enforcement responsibility (primacy) for Class VI injection wells under Safe Drinking Water Act (SDWA) section 1422. The EPA's approval of the State's UIC program revision application would allow the Utah Department of Natural Resources, Division of Oil, Gas and Mining (DOGM) to issue and enforce compliance with UIC Class VI permits for injection wells used for geologic carbon sequestration.

In this action, the EPA proposes to approve Utah's application to implement the UIC program for Class VI injection wells located within the State, except those on Indian lands for which the EPA retains primacy.

Administrative Declaration of a Disaster for the State of New York

Presidential Declaration of a Major Disaster for Public Assistance Only for the State of Utah

Presidential Declaration of a Major Disaster for Public Assistance Only for the State of New Hampshire

Reporting and Recordkeeping Requirements Under Office of Management and Budget Review

NCCIH Natural Product Mid Phase Clinical Trial (R01 Clinical Trial Required)

Ethical, Legal and Social Implications (ELSI) Small Research Grant (R03 Clinical Trial Optional)

Feasibility Clinical Trials of Mind and Body Interventions for NCCIH High Priority Research Topics (R34…

Investigator Initiated Clinical Trials of Complementary and Integrative Interventions Delivered Remotely or…

Census Bureau to Host Webinar and Embargo of 2025 ACS 1-Year Estimates

Business Formation Statistics

Total U.S. Business Applications were 534,947 in September 2026, up 0.5% from August 2026.

New Residential Construction

Privately-owned housing starts in September 2026 were at a seasonally adjusted annual rate of 1,221,000.

Manufacturing and Trade Inventories and Sales

U.S. total business end-of-month inventories for August 2026 were $2,818.8 billion, up 0.4 percent from last month.

Advance Monthly Sales for Retail and Food Services

U.S. retail and food services sales for September 2026 were $745.0 billion, up 0.8 percent from the previous month.

National Veterans Small Business Week 2026: Fueling American Manufacturing Through Capital, Growth, and Grit

The NESO bid board listed 35 postings from 37 public boards, in Tennessee, Mississippi, Kentucky, Georgia, Connecticut, Alabama, Arkansas. Every listing is free to read, with no account, at nesohq.com. Agencies amend and cancel, so the issuing portal governs.

How CDFIs and SBA loans work

A short lesson, in plain words. Community Development Financial Institutions, or CDFIs, are specialized organizations that provide financial services in low-income communities and to people who lack access to financing.

They include community development banks and credit unions. A 7(a) loan is the Small Business Administration's main loan program for small businesses.

Lenders make the loans and the SBA provides a loan guarantee to them; it does not lend to borrowers directly.

What a data center is

A short lesson, in plain words. A data center is a building filled with computer servers, along with the power and cooling equipment that keeps them running. It is where websites, online services and stored files physically live.

The Department of Energy calls data centers one of the most energy-intensive building types. They can use 10 to 50 times the energy per floor space of a typical commercial office building.

The Department of Energy reported that data centers used about 4.4 percent of all U.S. electricity in 2023. Its report projected they could use about 6.7 to 12 percent by 2028.

For a data center or any large load, the interconnection queue — the line to connect to the grid — is usually the binding constraint, more often than land or zoning.

What the federal funds rate is

A short lesson, in plain words. The federal funds rate is the interest rate charged by banks to borrow from each other overnight.

The Federal Reserve sets a target range for it. Changes to that target range influence short-term interest rates for other financial instruments, which in turn affect the spending decisions of households and businesses.

What Opportunity Zones are

Next, a lesson. Opportunity Zones are an economic development tool that allows people to invest in distressed areas in the United States.

Their purpose is to spur economic growth and job creation in low-income communities. Investors in them can receive tax benefits.

What a brownfield is

Next, a lesson. Federal law describes a brownfield as real property whose expansion, redevelopment or reuse may be complicated by the presence, or potential presence, of a hazardous substance, pollutant or contaminant.

Common contaminants at these sites include lead, asbestos and petroleum. Addressing the real or perceived threat of contamination prevents or limits harmful exposure.

The Environmental Protection Agency's brownfields program has converted once neglected sites to boost local economies and enhance quality of life for nearby residents.

Where data centers go, and why

Next, a lesson. Virginia's legislative research agency, JLARC, reported that Northern Virginia is the largest data center market in the world.

JLARC found that data centers chose the region for a strong fiber network, a supply of reliable, cheap energy, available land, and the state's data center tax incentive. Those are the same things any large site is screened for.

The Department of Energy calls data centers one of the most energy-intensive building types. They can use 10 to 50 times the energy per floor space of a typical commercial office building.

For a data center or any large load, the interconnection queue — the line to connect to the grid — is usually the binding constraint, more often than land or zoning.

Reading a parcel before you commit

A short lesson, in plain words. An entitlement path is the list of approvals a project needs, and the order they come in.

Knowing it before you go under contract is the point. An overlay district adds its own conditions on top of a parcel's base zoning, so two parcels with the same zoning can face different rules.

Three environmental red flags worth checking early on any site are wetlands, floodplain, and being next to a historic property.

Reading a public bid

Next, a lesson. With any public bid, read the solicitation on the issuing agency's own portal.

Agencies amend and cancel, and the portal is what governs. Agencies amend and cancel solicitations, so the issuing portal is always the source that governs.

Every listing links to it.

The grid and large loads

A short lesson, in plain words. For a data center or any large load, the interconnection queue — the line to connect to the grid — is usually the binding constraint, more often than land or zoning.

The Department of Energy reported that data centers used about 4.4 percent of all U.S. electricity in 2023. Its report projected they could use about 6.7 to 12 percent by 2028.

The Department of Energy calls data centers one of the most energy-intensive building types. They can use 10 to 50 times the energy per floor space of a typical commercial office building.

Reading flood risk before you build

Next, a lesson. Flood maps show a property's flood risk.

Floods can happen anywhere, but some areas are at higher risk than others. Knowing a site's flood zone before you buy or build helps you make the choice to stay safe and protect the property.

Three environmental red flags worth checking early on any site are wetlands, floodplain, and being next to a historic property.

Wetlands and the Section 404 permit

Next, a lesson. Section 404 of the Clean Water Act sets up a program to regulate the discharge of dredged or fill material into waters of the United States, including wetlands.

The activities it covers include fill for development, and water resource projects such as dams and levees. Individual permits are reviewed by the U.S.

Army Corps of Engineers. Three environmental red flags worth checking early on any site are wetlands, floodplain, and being next to a historic property.

Sizing a market from the bottom up

Next, a lesson. Bottom-up market sizing starts from real counts of customers and prices in your area, rather than a slice of a national headline number.

A capital stack is every source of money in a project, from senior debt to equity, in the order each gets repaid. When the sources do not add up to the cost, the shortfall is called the gap.

The capital stack and DSCR

Next, a lesson. A capital stack is every source of money in a project, from senior debt to equity, in the order each gets repaid.

When the sources do not add up to the cost, the shortfall is called the gap. DSCR, the debt service coverage ratio, divides a building's net operating income by its loan payments.

Lenders use it to ask whether the building can carry its debt.