Finally, we close with brief comments on Cooling Off, Contained, and Charging Up.  First, there appears a slowdown in process in the Construction Markets.  Permits for Residential HVAC (Heating Ventilation and Cooling) Equipment fell 12% year-over-year in October while Commercial Roofing permits declined 6%.  In addition, Toll Brothers, one of the largest public homebuilders, saw unit orders fall 13% in Q4 despite a large increase in its community count.  Given these data points, it appears Construction Markets are Cooling Off.  Second, according to industry data source RISI, containerboard delivery times have started to normalize.  This appears to be impacting pricing as 30% of open market purchases by box manufacturers received slightly lower pricing.  With supply appearing to catch up with demand, containerboard manufacturers appear Contained.  And Third, the UK appears “All In” on electric vehicles (EVs) as part of its Green Industrial Revolution.  The government plans to issue regulations requiring every new home built and every office building constructed to put in place charging points for EVs. These rules will also apply to major renovations.  This will add up to 145,000 charge points per year for the next decade.  Given the government push, we see the UK Charging Up.

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