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Raw data: Construction spending in the US

2 years 6 months ago
Here's an odd thing: Residential construction plummeted in May 2022 as mortgage rates went above 5%. That's no surprise. But nonresidential construction started to rise at exactly the same time and has continued rising ever since. Why? Nonresidential construction is largely financed by public or corporate bonds, and high-quality bond rates rose at the same ...continue reading "Raw data: Construction spending in the US"
Kevin Drum