The August current conditions index landed at 50, suggesting unchanged conditions from July. The last time the index clearly broke through to expansionary territory was February 2023, implying that the post- lockdown boom is in the rearview mirror. Less than one-fifth of survey respondents indicated facing “worse” conditions in August while a solid majority, 63 percent, noted that conditions remained “unchanged” from the prior month. Comments revealed mixed sentiment, with one panel member reporting “pushback on terms,” while another mentioned strong investment in some markets alongside soft residential and commercial segments.