Good news and bad with this chart.

The good news is the pace of new business investment is higher today than at any time in at least 60 years. The Trump Big Beautiful Tax Cut clearly ratcheted up spending on manufacturing, construction, factories, data centers and telecom.

The bad news is that housing investment is at or near an all-time low. We think that’s mostly a result of excessive housing regulations and local zoning restrictions that have choked off supply of affordable homes.