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Key Points:
Spending on new single and multifamily housing construction fell from 2022 peaks as mortgage rates rose and affordability deteriorated.
- Spending on home improvement has held up and the home improvement share of residential construction spending is currently at its highest level since 2012.
Residual Construction Trends
In the nonresidential space, data centers are accounting for a larger share of private construction spending as AI-related capital expenditures surge.
- Data center spending averaged 1.6% of private nonresidential spending from 2016 to 2022; the data center share averaged 5.6% from June – August 2025.
Nonresidential Construction Trends
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