Two shifts took place in recent years that put aggregate demand in key markets on new trajectories. One demand shift is in nonresidential construction, which is noticeably lower. The other is in residential construction, where continuous growth has been spurred. For the past 10 years, nonresidential aggregate consumption paced, on average, about 5 percent higher than residential. In the coming years, however, residential permits will pace, on average, about 40 percent higher than nonresidential.
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