OEM revenues in the North American construction equipment market are surging, primarily driven by the influx of data center projects, particularly in the US. However, are these surging revenues hiding the true picture: a construction market struggling in almost all major categories except one?

Caterpillar leads the pack

Our recent analysis shows that revenues from the sale of construction equipment are surging in North America. YoY growth has been accelerating for the last 3 quarters, with Caterpillar recording a 50% increase for Q2 2026 versus the same period last year.

The reason for the surge in growth? The phenomenal amount of CAPEX flooding into AI to scale data center compute resources. These vast facilities require huge amounts of earth moving equipment to prepare the sites, provide utility connections, and construct the facilities.