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Restricted - External Marc Giannoni+1 212 526 9373marc.giannoni@barclays.comBCI, USColin Johanson+1 212 526 8536colin.johanson@barclays.comBCI, USJonathan Millar+1 212 526 4876jonathan.millar@barclays.comBCI, USPooja Sriram+1 212 526 0713pooja.sriram@barclays.comBCI, US Source: Census Bureau, Haver Analytics, Barclays ResearchFIGURE 3. Both private residential and nonresidential spendingincreased in April3004005006007008009001,0001920212223bil $Construction SpendingPrivate: ResidentialPrivate: NonresidentialSource: Census Bureau, Haver Analytics, Barclays ResearchPrivate nonresidential construction spending decreased 0.5% m/m in April (Figure 3),reflecting broad-based declines outside of the educational (0.3% m/m), amusement (+1.1% m/m) and transportation (0.4% m/m) categories. In y/y terms, private nonresidential spending wasup 1.0%.3 June 2025 2 PeriodQ2 GDP trackingBarclaysofficialQ2 GDP forecast (initial)Q21.0Apr1.2Apr1.2Industrial ProductionApr1.2Business InventoriesMar1.2Housing StartsApr1.2Import PricesApr1.2Existing Home SalesApr1.2New Home SalesApr1.3Calibration to forecasts for the following week1.3Durable Goods OrdersApr1.4Advance Goods Trade Balance, WholesaleApr, Apr1.5Personal Income and SpendingApr1.4Calibration to forecasts for the following week1.4Construction SpendingApr1.2Total public construction spending grew 0.4% m/maftera flat print in March, resuming itsgrowth from the first two months of the year.The overall gain was driven by an increase inthe public nonresidential sector (+0.5% m/m), while the public residential sector registered a0.6% decline. Nonresidential gains in April were most notable in the commercial (+3.8% m/m)and health care (+3.3% m/m) categories.Barclays Q2 GDP tracker at 1.2% q/q saarThe April construction spending report reduced our GDP tracker by 0.2pp, to 1.2% q/q saar. Theweaker-than-expected data reduced our trackers for residential investment and structuresspending, which provided a drag to our headline tracker.3 Analyst(s) Certification(s):We, Pooja Sriram, Jonathan Millar, Colin Johanson and Marc Giannoni, hereby certify (1) that the views expressed in this research report accuratelyreflect our personal views about any or all of the subject securities or issuers referred to in this research report and (2) no part of our compensationwas, is or will be directly or indirectly related to the specific recommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays").All authors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflectsthe local time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:For current important disclosures regarding any issuers which are the subject of this research report please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.Barclays Capital Inc. and/or one of itsaffiliatesdoes and seeks to do business with companies covered in its research reports. As a result, investorsshould be aware that Barclays may have a conflict of interest that couldaffectthe objectivity of this report. Barclays Capital Inc. and/or one of itsaffiliatesregularly trades, generally deals as principal and generally provides liquidity (as market maker or otherwise) in the debt securities that are thesubject of this research report (and related derivatives thereof). Barclays trading desks may have either a long and / or short position in such securities,other financial instruments and / or derivatives, which may pose a conflict with the interests of investing customers. Where permitted and subject toappropriate information barrier restrictions, Barclays fixed income research analysts regularly interact with its trading desk personnel regardingcurrent market conditions and prices. Barclays fixed income research analysts receive compensation based on various factors including, but notlimited to, the quality of their work, the overall performance of the firm (including the profitability of the Investment Banking Department), theprofitability and revenues of the Markets business and the potential interest of the firm's investing clients in research with respect to the asset classcovered by the analyst. To the extent that any historical pricing information was obtained from Barclays trading desks, the firm makes norepresentation that it is accurate or complete. All levels, prices and spreads are historical and do not necessarily represent current market levels, pricesor spreads, some or all of which may have changed since the publication of this document. Barclays Research Department produces various types ofresearch including, but n