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The U.S. building products industry entered Q4 2025 with signs of stabilization, as early rate relief and steadier commercial backlogs offset continued residential softness. Total construction spending in September remained near $2.15 trillion on a seasonally adjusted annual rate (SAAR) basis, broadly flat compared to last year and modestly below prior-year levels. While total spending trails 2024, non-residential segments particularly data centers, manufacturing, healthcare, and logistics remain resilient, supported by infrastructure programs and private capital investment.
