📄 Extracted Text (185 words)
3 January 2018
HY Corporate Credit
HY Multi Sector,Media, Cable & Satellite
Figure 18: CPP 0)1,860 uCture
CPP - Infrastructure
5160.000 14%
12%
$140.000
10%
$120.000 8%
$100,000 6%
4%
580.000
2%
560.000 0%
$40.000 -2%
.4%
$20.000
-6%
SO -6%
6b0s -Chg Yry %
Sans Ottawa* Su* US Census Szeru
Non-Resi (Commercial): Steady As She Goes
Potential acceleration into 2018
According to the October 2017 Construction Put-in-Place series, non-
residential commercial construction increased about 2.6% y/y to 8.348bn from
the prior year. Non-residential construction tends to lag residential
construction and with our favorable outlook for residential construction and
with GDP expected to accelerate, see 2018 performance slightly ahead of 2017
at about 3.5%.
Figure 19: CPP - Commercial Construction (ox. Infrastructure)
CPP - Commercial
503.000 20.00%
450.000 15.00%
403.000 - 10.00%
350.007
500%
300.030
0.00%
250.003
-5.00%
200,000
-10.00%
150,030
100,000 -15.03%
50,003 -20.03%
25.00%
2038 2009 2010 2011 2012 2013 2014 2015 2018 2017
NINON Win —Change YtY%
SW ASSNant US Gad••Swam Ibaverg /write
Deutsche Bank Securities Inc. Page 11
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086570
CONFIDENTIAL SDNY_GM_00232754
EFTA01385286
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