Stifel: US non-residential construction spending up 0.1% in March

Investing.com -- The U.S. Census Bureau reported that total non-residential construction spending increased 0.1% year-over-year in March, following a 0.2% decrease in the prior month, according to Stifel.

Total non-building spending rose 5.1% year-over-year, while building spending fell 3.0% year-over-year.

Within non-building construction, sewage and waste disposal spending increased 7.9%, conservation and development rose 8.5%, and power spending grew 5.7%.

In the building construction category, data center spending surged 33.7%. Manufacturing spending declined 17.4%, and office spending dropped 7.9%.

Stifel noted that data center spending continues to be driven by strength in hyperscaler capital expenditures amid AI investments. The firm said manufacturing faces tougher comparisons from prior Inflation Reduction Act tailwinds related to battery plants.

Stifel also noted that softness in warehouse trends is moderating, with opportunity for improvement in 2026, which the firm said is an important end market for construction materials.

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