Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

There are several major components. Indeed, one—the residential construction component—is based on a lag off starts, both a relatively short lag off single-family starts and a longer lag off multifamily starts. Another significant component is additions and alterations, which is based on survey information. This component is not very well measured; it is subject to substantial revision. Conceivably, once more-complete counts have occurred, we may find out that perhaps some adjustment was going on there, maybe a bigger increase, and therefore more of that employment was in fact occurring in adds and alts than we currently recognize. That is a significant chunk of overall residential investment.

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