Well, we may have too much of a good thing. I don't mean to contradict anything that many of the housing experts in this group have been saying, but we have seen spectacular spending on residential investment over the last number of years, especially since the pandemic, and what concerns me is that it has eclipsed all other types of business investment for the first time in our history.
When I talked about the supply constraints of the economy, that was one of the things that was motivating my concern. We just are not seeing the investments in plants and equipment. We are not seeing the investments in intellectual property products that we need for future productivity growth, and I'm doubly concerned about that, because we are seeing those in other countries, especially in the United States. There's something else going on in Canada.
To try to square the circle, it seems to me that one of the reasons we want to focus on the supply side is that, on the supply side, many of the things that constraints apply to on the ground affect modest-income housing—less valuable in market terms—more than they do the big stuff. If you can build only a certain number of units, it's natural that you're going to be looking for the ones where you can make the most money. Some of the supply concerns that people talk about—for example, zoning bylaws and so on—probably add to that distortion. We have a lot of investment in housing, but not enough of the kind that many of my colleagues on this panel have been advocating.