US Construction Data Points: Construction Spending: June Declined Modestly (-0.1% m/m) as Residential Weakness Offset Nonresidential Stabilization

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US Construction Data Points: Construction Spending: June Declined Modestly (-0.1% m/m) as Residential Weakness Offset Nonresidential Stabilization

J P M O R G A N North America Equity Research

03 August 2026

US Construction Data Points

Construction Spending: June Declined Modestly (-0.1%

m/m) as Residential Weakness Offset Nonresidential

Stabilization

Total construction spending declined -0.1% m/m in June, following a flat Americas Construction Materials

ACreading in May (revised from the previously reported increase). The June print Adrian E Huerta

suggests construction activity remains subdued, with continued weakness in (52-81) 8152-8720

residential activity offsetting stabilization in nonresidential construction. At the adrian.huerta@jpmorgan.com

segment level, Private Nonresidential posted a modest increase (+0.1% m/m), J.P.MorganMorganGrupoCasaFinancierode Bolsa, S.A. de C.V., J.P.

while Public Construction was unchanged (0.0% m/m). Private Residential

Garrett Greenblatt

declined (-0.3% m/m), remaining the primary drag on headline activity. (1-212) 622-0424

garrett.greenblatt@jpmorgan.com

Within Private Residential, June weakness was driven by continued declines in J.P. Morgan Securities LLC

Single-Family (-0.6% m/m) and Multifamily (-0.7% m/m), partially offset by a

modest increase in Home Improvement (+0.1% m/m). On the nonresidential side,

performance remained mixed. Manufacturing continued to weaken (-1.2% m/m),

extending its prolonged contraction, while Commercial (-1.3% m/m) and Office

(-2.6% m/m) also declined. Offsetting these pressures, Data Centers remained the

standout category (+7.0% m/m) and Power continued to expand (+0.7% m/m),

accelerating each month since March. Public construction was broadly stable