Confidence in the private non residential sector improving. Decline in residential permits from January 2021 peak leading to slowdown in residential output.
Private residential output flat m-o-m (29% y-o-y) in May and building permits down -3% m-o-m (35% y-o-y). Private non-residential output down -1% m-o-m with y-o-y decline narrowing to -5.8%. The Architecture Billings Index (ABI) expanded for the fourth straight month and to 58.5 (> 50, expansion).