The Index, four times a year.

Licensed trades supply for every market we cover, the pipeline ratio, and what moved since the last print. Written for people who need the number, not the narrative.

Free. One email a quarter. Unsubscribe in one click. We never sell the list.

Four things, in the same order, every quarter.

• The printLicensed supply by credential tier for every market. With per-state counts and the as-of date.
• The ratioThe pipeline ratio on its published basis. A series, not a headline number.
• What movedNew licenses, ladder upgrades, classification changes and lapses. Aggregate, by market.
• RevisionsAnything restated since last quarter, and why. Method changes labeled separately from real movement.

The first print is being prepared now.

There are no back issues yet, and we would rather say so than manufacture a publication history. Subscribe and the first print lands in your inbox the day it publishes.

Every print stays up permanently once published. Charts download as PNG and SVG with attribution baked in, every figure has a permanent link, and revisions are logged rather than quietly applied.