DATA DUMP

In 1/23 non-residential construction spending ex-data centers (NRCSEDC) was up 30% Y-o-Y and data center construction spending (DCCS) was up 43%. In 1/24 those numbers were 11% and 57%, respectively. NRCSEDC remained positive Y-o-Y through 7/24 when it was 0.3%. Since then, it’s been negative Y-o-Y. In 1/26 it was -5% while DCCS was up 33%. Were it not for DCCS, overall construction spending would probably be shrinking since 8/24!