U.S. Construction is constrained by the uncertain economic outlook. New housing inventory at 2007 levels and supply of previously owned homes is highest in four years. Investment in private non-residential structures is easing.
Private residential output down -0.9% m-o-m (-4.8% y-o-y) in April; Building permits down -4% m-o-m (-2.5% y-o-y) in April.
Private non-residential output down -0.5% m-o-m (1% y-o-y) in April. Architecture Billings Index (ABI) down to 43.2 in April from 44.1 in March (< 50, contraction).