|2017-09-01||Douglas Porter||Residential construction, another economic pillar that naysayers have long said was due for a pullback, fell 4.7 per cent.
"At some point, exports, capital spending and even infrastructure spending will have to step up to carry the load," Doug Porter, chief economist at BMO Capital Markets, told BNN.
"We simply can't count on the consumer (and housing) to continue leading growth in the years ahead."
While the rise in capital spending is "good news," Porter said he's "not sure we can call it a rotation yet, as consumer spending was also still very strong."
"At least we can say growth now looks much better balanced, and it may be the first real signs that a rotation away from a reliance on consumers/housing alone has begun."