National nonresidential construction spending increased 0.1% in July, according to an Associated Builders and Contractors analysis of data published by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $1.286 trillion.
Spending was down on a monthly basis in 8 of the 16 nonresidential subcategories. Private nonresidential construction spending was up 0.4%, while public nonresidential spending was down 0.2% in July.
“The increase in nonresidential construction spending that occurred in July was entirely due to data centers,” said ABC Chief Economist Anirban Basu. “Excluding that booming category, nonresidential spending fell for the second straight month and is down to the lowest level since September 2023.
“Nonresidential activity is even more concentrated given that the power category, which has been boosted by the electricity needs of data centers, has also grown substantially over the past year,” said Basu. “While contractors remain upbeat about their sales over the next six months, according to ABC’s Construction Confidence Index, that upbeat outlook is increasingly dependent on a single sector.”
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