In this case, it's construction put in place . Real residential construction put in place---measured by the Census Bureau, see https://www.census.gov/construction/c30/current/index.html---came in higher than the model expected based on the May housing starts data. That could be because the of the mix of housing constructed or because there is a lag between starts and construction value.
On the other hand, we had some offset from nonresidential construction, which came in below the model's expectations.
Interesting! Which part of housing led to the growth upgrade—resi investment? starts? something else?
In this case, it's construction put in place . Real residential construction put in place---measured by the Census Bureau, see https://www.census.gov/construction/c30/current/index.html---came in higher than the model expected based on the May housing starts data. That could be because the of the mix of housing constructed or because there is a lag between starts and construction value.
On the other hand, we had some offset from nonresidential construction, which came in below the model's expectations.
excellent, thanks!