Last week had a lot of important economic data, and two reports stood out. First GDP grew at a paltry 1.1% in the first quarter of 2023. The increase in GDP was driven by consumer spending, while investment (particularly residential) was a drag. Residential construction has been a drag on GDP for the past 8 quarters in a row. In the first quarter of 2021, residential fixed investment came in at a seasonally-adjusted annual rate of $1.19 trillion. In the first quarter of 2023, it had fallen to a seasonally-adjusted annual rate of $570 billion.