SWK - 3 Top Stocks Set to Profit From the Construction Spending Boom
2023-07-12 07:10:00 ET
The non-residential construction data in the U.S. has had a "wow" factor this year. It's more than offset highly visible declines in residential construction. So, even though the housing market is weakening, stocks like Caterpillar (NYSE: CAT) , Trimble (NASDAQ: TRMB) , and Stanley Black & Decker (NYSE: SWK) are set to do well. Here's why all three are attractive stocks right now.
Let's start by looking at data from the U.S. Census Bureau. It's no surprise to see rising interest rates biting into residential construction spending. However, non-residential construction spending remains excellent. Within the data for May, there are some particularly bright spots, including private non-residential spending up 21%, private manufacturing construction spending up 77%, and private lodging spending up 23%.
Data source: Census Bureau.
For further details see:
3 Top Stocks Set to Profit From the Construction Spending Boom