Residential output and building permits weakening as rising interest rates slow the economy.
Private residential output up 0.2% m-o-m in May (19% y-o-y); building permits down for the second straight month and by -7% (0.2% y-o-y). Private non-residential output down -0.4% m-o-m in May (3.7% y-o-y). Architecture Billings Index (ABI) down to 53.5 in May from 56.5 in April (>50, expansion).