Morgan Stanley believes that data centers will drive the development of the construction industry.

Morgan Stanley stated that based on AI analysis of the second-quarter earnings call of 28 companies, data centers and infrastructure remain the strongest end markets in the construction industry. Non-residential construction and maintenance activities in the United States remain resilient, while the residential market is weak, particularly in the U.S. Despite facing cost pressures, most companies maintained their guidance expectations. Morgan Stanley is optimistic about Saint-Gobain, Kingspan, Rockwool, Heidelberg Materials, and Baillie, while taking a cautious stance on NIBE, Ariston, Gibberitt, and Wienerberger.