Global Heatmaps of Latest Datapoints

Research evidence excerpt

Global Heatmaps of Latest Datapoints

Goldman Sachs Construction

Key views by end-market

Europe: Temporary strength in Housing, Infra spend mixed across geographies

n Resi (+): New housing construction activity is improving in the near term, driven by

stronger permit growth in Germany and France. However, with mortgage demand

already flattening as rates move higher, we expect a weaker backdrop into 2027.

n Non-Resi (mixed): Spend is soft across geographies (GER, FRA and UK) yet survey

outlooks appears supportive in UK and challenged in Germany.

n Infra (mixed): France has deteriorated with the outlook survey the weakest in 10

years, with UK and Germany remaining resilient. Key focus remains on the outlook of

German Fiscal spend in 2H26+, with potential upside from European defence

joint-use infrastructure.

n Renovation (+): Strength in home transactions are supportive for renovation

end-markets, with FRA and UK showing signs of positive turnover, which historically

has led spend.

US: Resi still muted, data center off recent peaks yet non-resi outlook improving

n Resi (mixed): Housing conditions have improved modestly, but affordability remains

stretched and mortgage rates remain elevated, limiting the scope for a meaningful

recovery. Therefore with rates remaining elevated, we see a muted outlook from

2H26 into 2Q27 - for context our US Economics team continuing to see current 30Y

mortgages at 6.43%, moderating slightly into 2027 at 6.30%.

n Non-Resi (+): Overall, Non-Resi spend outlook continues to look positive into 2027,

despite mixed trends in underlying categories. Office remains weak whilst data

center capex continues to show strength despite coming off recent peaks. Our US

Engineering & Construction team report data center backlog continues to look