In August 2026, US construction spending exhibited a significant structural divergence. After adjusting for price factors, data center construction spending surged 64.5% year-on-year, far exceeding other construction categories; energy and power facilities grew by 4.1%, becoming the only two sectors to maintain positive growth. In contrast, private non-residential construction declined by 5.9% overall, residential construction by 9.6%, manufacturing plants by a significant 23.9%, and office buildings (excluding data centers) by 13.9%. Data shows that US construction investment growth is highly concentrated in data centers and related power infrastructure, while traditional residential, commercial, and industrial construction are generally under pressure. The rapid expansion of data centers has not yet generated a widespread investment-driven effect, further exacerbating the growth imbalance within the US construction industry.