Housing shortage to continue underpinning residential construction despite rising mortgage rates.
Private residential output up 1.1% m-o-m (16.6% y-o-y) in February; building permits down -1.6% m-o-m (8.1% y-o-y). Private non-residential output up 0.2% m-o-m (9.7% y-o-y) in February. Architecture Billings Index (ABI) increased to 51.3 in February from 51.0 in January (>50, expansion).