Overview
- In August 2025, fixed investment posted its largest annual decline since January 2021, extending a yearlong run of negative yearly readings.
- Monthly declines concentrated in imported machinery and equipment (-5.2%) and non-residential construction (-2.1%), with residential construction also lower (-1.4%).
- On a yearly basis, construction fell 7.0% with a 18.5% plunge in non-residential projects and a 10.5% drop in machinery and equipment, while residential construction rose 10.0%.
- Public investment fell far more than private investment in August (about -21% versus -9%), and cumulative January–August investment is down 7.3% from a year earlier.
- Some outlets using original series report a larger August annual fall (about -10.4%), and analysts link the slump to weaker public works, policy uncertainty, tariff risks on U.S. copper products, and consumption shifting toward imports.