As of January 2026, rates have dropped to 5.9% and are showing signs of improving more towards the second quarter of this year. Construction cycles are prone to market fluctuation and rates as to which projects are picked for development each year. Our retail segment slowed during Covid and is now showing signs of growth with new commercial development projects warming for construction starts mid 2026. Charter Schools continue to see steady growth and with it housing has remained strong even after a 2024 plateau in the Southeastern states like Florida. All signs show places like Florida and Texas are still active hotspots for retirees and those looking to escape cold weather and higher taxes. Construction is expected to see moderate growth this year at approximately 2% overall and higher yields in sectors such as education and healthcare.