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00:02Data center construction is propping up U.S. commercial and industrial building activity
00:07as spending weakens across other sectors, according to the Wall Street Journal.
00:12Data center construction spending rose 23% year-over-year in May, according to the U.S.
00:17Census Bureau, but accounted for only 8% of private non-residential construction.
00:23Manufacturing construction spending fell 22% year-over-year in May
00:27to a seasonally adjusted annual rate of $174 billion.
00:31It remained the largest private non-residential category,
00:35accounting for nearly one quarter of spending.
00:38Analysts said high interest rates, labor shortages, long equipment delays,
00:43and rising material costs are discouraging new projects.
00:46Non-residential construction material costs have climbed more than 55% since early 2020,
00:52while data centers and solar projects are absorbing much of the available electrical equipment.
00:57For all things money, visit Benzinga.com.
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