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Cost of Owning "Nationally, it cost $888 a month more to buy an entry-level single-family home than to rent it, according to September data from John Burns Real Estate Consulting. Image courtesy of John Burns Real Estate Consulting. The crash is in transactions, not price. The Current Housing Cycle Landscape 1-3 Year Housing Outlook.
Continuing with GBS, we're bringing together the best capabilities of our Analytics and Engineering and Applications business, now called Consulting and Engineering Services, with industry veteran Howard Boville as our general manager. The fourth quarter capital expenditures were $125 million and lease originations were $21 million.
Specifically, in Consulting & Engineering Services, we hired a new global delivery leader to sharpen operations, keep projects on track, and ensure contract requirements are met. Within the GBS segment, Consulting & Engineering Services declined 3.4% GBS, which represents 52% of total revenue, was down 1.6%
Our pipeline has expanded nicely, largely driven by new deal inflows in Consulting and Engineering Services, which is our largest segment. Last quarter, we consolidated our Analytics, Engineering, and Applications business and now call it Consulting and Engineering Services under industry veteran, Howard Boville. Moving to GIS.
Our pipeline continues to grow, including a higher mix of a number of deals in consulting and engineering services. Specifically in consulting and engineering, first, we expanded our enterprise application capabilities that help clients leverage AI, driving increased bookings. year to year. The book-to-bill ratio of 1.51
As we head into the fall season, we are maintaining our disciplined inventory allocations, which we believe will enable us to be less reliant on promotions to sell through inventory and capitalize on any momentum shifts we may see, though we still expect IMU to be a continued headwind as our athletic inventory expands.
Now, in terms of the CAC, consultation paper on minors protection, I think our view is that, number one, we actually fully support and embrace the policy because this is something that we have already been doing across many of our different products. William Packer -- Exane BNP Paribas -- Analyst Many thanks for the color.
First, we are focused on capitalizing on the healthy demand environment for cruise, which I will talk about in more detail a little later in my commentary. We have also more recently engaged a third-party consultant to benchmark best practices across sectors and identify incremental areas of opportunity.
The basic issue is that Tesla had some capital expenditures, but the corresponding amount isn't showing up as new fixed assets on its books. When you look at the big picture for Tesla, I think that's much more the concern here for most shareholders, which has to do with the resale value of Tesla's plummeting. lain and simple.
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