FMI’s fourth-quarter 2026 North American Engineering and Construction Outlook projects a decline in construction spending for the year.

Overall, total construction annual spending is forecast at $2.167 trillion, down 3.4% after a flat 2025. Growth is led by conservation and development projects at 25.3%. Religious and office (including data centers) follow at 18.1% and 13.7%. Also projected to grow is the power segment at 4.9%.

Gulf Coast storm protection drives the year’s largest segment gain. Conservation and development spending is projected to grow 27%, as U.S. Army Corps of Engineers projects in the Gulf region begin.

The data center segment has the steepest five-year growth forecast. U.S. power sector spending will reach $273 billion by 2030, FMI says. That segment is projected to grow 8% in 2027.