Yes, it's true. We've talked about this for a long time, because it was one of the characteristics of a return home that we felt was central.
During the post-crisis period, with really low interest rates, quite naturally it was housing and consumption that did most of the growing, and businesses demonstrated a reluctance to invest, given the uncertainty about the economic outlook.
We always believed that getting the economy back to a balance point would mean that consumers would take a less active role in the growth picture. They would become contributors but smaller contributors, and businesses would be doing more of the heavy lifting. That transition appears to be under way.
We think it was interrupted by the uncertainty surrounding NAFTA, so we had a double hit there, because we were approaching capacity just when firms should have been beginning to invest. We had the U.S. election and all the uncertainty about NAFTA, so the investment sort of stopped there. Some firms were desperate to invest, and they did, but many postponed those decisions, and that did two things. It meant that we had less investment than we had hoped, and we had less exports than we had hoped, because they were operating at full tilt and couldn't expand to take advantage of growing demand.
Now that the uncertainty is out of the way, we're watching carefully to see how firms respond, and we expect that to happen. Already we have that shift in the numbers. As we already mentioned, the housing sector has slowed, as expected, and consumption almost always goes along with that. It's not a slowdown, but it's slower than what it was.