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Construction Spending is down in each of last 5mo, now down a total -2.4% from Dec. Biggest declines are Warehouse -7.7%, Commercial w/o Wrhse -4.6%, Office w/o Data Centers -4.3%, Residential -4.2%, Transportation -3.7% and Manufacturing -3.5%.
Residential posted the biggest $ rate drop, -$40bil SAAR since Dec.
Data Centers are up 9% in 5mo, but last year DC were up 56%, increasing 15% in the 4th qtr alone. The rate of growth has slowed from near 4%/mo in the 2nd half 2024 to less than 2%/mo in the 1st 5mo 2025.
With this issue of May Construction Spending, Census revised all data back through 2023. Total spending was revised UP $52bil in 2023 and $39bil in 2024. Due to the increase in 2024, all percent growth in 2025 is slightly lower. The largest revisions up in 2024 were Residential +$11bil, Educational +$8bil and Power +$8bil. Also, in 2023, Power was revised up +$17bil and Manufacturing +$9bil.