Construction spending on Manufacturing has plunged 32.6 percent in two years.
Tariffs did not and will not revitalize US manufacturing.
Historic Crossover
The manufacturing boom that started in 2021 under Biden peaked in September of 2024. Spending on data centers and power prevented a collapse in nonresidential construction spending.
In September 2025, construction spending on data centers and power eclipsed spending on manufacturing.
In July 2026, the combined Data Centers Plus Power surged to $238,888 million, while Manufacturing plunged to $167,805 million.
The downward slope of Manufacturing is nearly a mirror image of the upward trajectory of Data Centers Plus Power.
Construction Spending Details
Private Construction Spending in Millions
Manufacturing: 167,805 (down 32.6 percent in two years)
Power: 161,541 (about to eclipse manufacturing)
Commercial: 116,241 (down 23.0 percent in three years)
Data Centers: 75,166
Data Centers Plus Power: 236,707
Total: 238,888 (up 6.4 percent in two years)
Manufacturing Jobs vs Nonfarm Payrolls
Change in Manufacturing Employment
Manufacturing and Services Jobs Percent of Nonfarm Payrolls
Lost and Gone Forever
8-Track Tapes
Cassettes
CDs
Farm jobs
Manufacturing jobs
Department store significance
Trump is not going to bring back any of those. Moreover, his tariffs and bashing of allies is going to cost manufacturing jobs.
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