Construction spending ends 2025 with signs of stabilization

Total construction spending fell 0.2% in November and then rose 0.3% during December. On balance, residential outlays picked up in the last two months of the year, while nonresidential declined. At year-end, overall spending was down just 0.4% on a year-ago basis, an improvement from the sharper annual declines registered for much of 2025.
Residential's modest turnaround at the end of the year was broad-based. Single-family, multifamily and home improvement outlays each notched improvement, consistent with recent indicators (housing permits and building material retail sales) showing similar stabilization.
Private nonresidential dropped over the course of November and December, though some segments outperformed. Select "mega-project" categories such as data center, power and communication each trended up. Meanwhile, lodging, commercial, healthcare and manufacturing were drags on overall spend.
Public outlays also dipped as sectoral declines in transportation, educational, water supply and sewage & waste disposal project outlays offset growth in highway & street and power construction.

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