This morning, the Architecture Billings Index jumped to 54.2 from last month's 51.2 reading, the fastest rate of growth in more than five years.
The index is a leading indicator for commercial real estate.
Dave Lutz, head of ETF trading and strategy at Stifel Nicolaus, sent along the chart below (the billings index in red versus the S&P 500 in blue), describing the surge in billings as a "huge tailwind" for the market.
The chart above suggests that billings can at times correlate with the market – but of course, that is not always the case.
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