Leading indicators point to stabilisation in private non-residential output in coming months.
Private residential output up 1.7% m-o-m in March (23%, y-o-y); issued building permits up 2.3% m-o-m (30%, y-o-y). Private non-residential output down -10% y-o-y in March. The Architecture Billings Index (ABI) expanded for the second straight month to 55.6 in March (>50, expansion) and reaching the highest level since January 2019.