Thank you.
In your economic update, you talked about residential investment weighing on growth. One thing the letter doesn't refer to is the non-residential investment. In my last minute and a bit, I want to get your views on that, because non-residential investment is critical for productivity, as I understand it.
C.D. Howe has recently—I guess in March—put out their analysis that we're 25% below the 2014 peak of non-residential investment. Productivity investment in machinery, plants and equipment is below the replacement rate. Is it BDC's view as well that productivity-related investment is below our peak and declining?