AI infrastructure spending has dominated U.S. industrial output, creating a split between tech-focused sectors and the rest of the economy. Will this bifurcation persist into 2026, or are we on the cusp of a broad-based rebound across U.S. industry?
Industry: Construction and Engineering
From crude oil prices to the lithium outlook, we bring together global commodity forecasts and market analysis to support strategic planning, procurement, and risk management.
The US construction sector is entering a new phase, defined less by the traditional business cycle and more by structural forces shaping where, what, and how things are built. While headline construction spending remains strong, activity remains uneven across sectors and regions.
In this interactive webinar, our economics experts from around the world will cover our latest insights on the impact of AI on economic growth and labour markets, as well as our proprietary upside and downside AI scenarios. We will also take extensive questions on AI from the audience, covering top-of-mind issues for participants.
We forecast construction activity will rebound in 2026, underpinned by four key themes that will define the year.
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Australia last experienced a boom in water-related infrastructure construction in the 2000s and early 2010s, following two decades of underinvestment in the 1980s and 1990s.
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High-tech goods, pharma, and aerospace will be among the fastest growing segments over the next decade.
The Bank of England’s Monetary Policy Committee has delivered 100bps of rate cuts since its easing cycle began in August 2024.
We built a forward-looking framework for analyzing how US tariffs achieve or undermine the various goals touted by policymakers.
Reduced US tariffs are expected to support private sector activity, and we have increased our assumed proportion of total government investment being directed towards civil engineering construction work.
NATO’s commitment to spend 5% of GDP annually on defence by 2035 is broadly in line with the change to our defence-spending assumptions that we made in March, when we lifted core defence spending from 2% of GDP to 3% by 2030 and to 3.5% by 2035.