Total Construction Spend rises with months prior revised higher, Power, Residential and Public lead, Manufacturing lags. This data continues to be in the right direction for reshoring supply lines, the AI spend and a Residential recovery. Power site construction is out pacing Manufacturing likely due to the completion of earlier supply line initiatives while the greenfield-manufacturing sites(site clearing and prep work) which have been spurred by tariff policy have yet to ramp to the more expensive stage of actual construction. It can take more than 1yr to acquire sites to manufacture post Trump’s tariff-policy, develop and gain approvals for site plans before even the site clearing and prep work begin. But, we do see the ramp in Construction Employment even with implementation of deportations for illegal workers that have been part of this report.
