Residential output declined in Q1 and Q2 of 2025 and was a drag on overall U.S. economic output. Weakness in both residential and non-residential extends into Q3.
Private residential output up 0.1% m-o-m (-5.3% y-o-y) in July; Building permits down -2.2% m-o-m (-5.2% y-o-y) in July but single unit permits up m-o-m for the first time in four months.
Private non-residential output down -0.5% m-o-m (-3.7% y-o-y) in July. Architecture Billings Index (ABI) down to 46.2 in July from 46.8 in June (< 50, contraction).