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The U.S. building products industry entered Q1 2026 navigating a more complex operating environment, as geopolitical disruption, renewed tariff escalation, and persistent affordability constraints offset constructive tailwinds from infrastructure deployment and data center demand. Total construction spending in January came in at a $2.19 trillion seasonally adjusted annual rate (SAAR), declining 0.3% m/m and tracking modestly below prior year levels. Full-year 2025 construction spending was down approximately 1.4% y/y from 2024, underscoring a softer annual trend even as select non-residential categories continued to expand.