The big three FAI components
The big three FAI components are manufacturing (31% of the total in 2016), infrastructure (21%) and real estate (17%). Infrastructure FAI growth was the highest in nearly four years (Fig 10). However, we think it was a rebound from unusually weak growth in the third and fourth quarters of 2016. Since the boom-bust associated with the 2009-10 credit boom infrastructure FAI growth has averaged 18% annually ((Figure 9). Our baseline is it will be close to that again this year.