To use an analog, if we look at total residential investment as a share of all investment across the economy—investment by businesses and government—it's about 40%.
Now, why is that number important? If we look at OECD countries over the last 20 years, really only three ever got to that level. They were Ireland, Greece and Spain in the mid-2000s. They subsequently suffered from a very severe housing downturn.
The concern is that as people pour more money into residential estate and less into the productive elements of the economy, the ability to service that debt longer term is arguably diminished. It's a big concern from where I stand. We're seeing record residential investment and very low business investment.