U.S. Construction Spending Forecast to Reach $2.85 Trillion by 2031

U.S. construction spending is projected to rise to $2.85 trillion by 2031 from $2.22 trillion in 2026. California, Texas, Florida, New York, and New Jersey will account for about 42% of this spending. The New York-Newark-Jersey City area is expected to lead with $230 billion. Data center development will drive growth, with 73% of capacity in 12 metro markets. Spending by 2031 includes $1.026 trillion residential, $741 billion commercial, $684 billion industrial, and $399 billion infrastructure.