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The U.S. building products industry entered Q3 2025 with a blend of cautious confidence and selective strength, as a continued residential pull back was counterbalanced by sustained momentum in commercial and infrastructure end-markets. According to the U.S. Census Bureau, total construction spending in July 2025 reached a seasonally adjusted annual rate of $2.139 trillion, down 2.8% versus July 2024 and essentially flat (-0.1%) compared to June. YTD spending through July remains 2.2% below the same period in 2024. Despite the softer headline, demand remains robust in sectors such as data centers, healthcare facility expansion, logistics/distribution, and mixed use developments backed by infrastructure investment and private capital flows.
