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Factories are still growing, but the money is moving to software and AI, not new plants. Manufacturers' new orders jumped 9.9% year over year, yet manufacturing construction spending fell 21.2% over the same period. If you run operations, that gap is the story this month: demand is real, but nobody wants to break ground on new capacity.

Manufacturing

The industrial production index rose to 103.0 in July, up from 102.8 the month before and 1.1% higher than a year ago. Manufacturing output climbed to 99.3, up 1.3% year over year, and capacity utilization held steady at 76.0%. New orders hit $664 billion, up from $658 billion and 9.9% ahead of last year. Manufacturing jobs barely moved, up just 0.2% to 12,638,000. Put together: plants are running fuller and taking more orders, but nobody is adding headcount or pouring new concrete. Manufacturing construction spending dropped 21.2% versus a year ago, to $170 billion.

Software & SaaS

Business investment in software hit $817 billion a year, up 9.5% from a year ago. The big platform vendors show it: Microsoft revenue rose 17.8% for its fiscal year, Oracle 17.4%, and ServiceNow 20.9%. But custom programming services jobs actually fell 1.3% year over year, to 2,363,000. Companies are spending more on software and hiring fewer custom developers to build it, they're buying platforms instead. On the open-source ERP side, Odoo leads with 54,176 GitHub stars, ahead of ERPNext at 38,909 and Dolibarr at 7,574.

AI & agentic work

Capital spending on AI infrastructure is still climbing fast. Oracle's capex is up 162.4% year over year, Meta's up 87.1%, Microsoft's up 79.6%, Alphabet's up 74.1%, Amazon's up 58.8%. Epoch AI counted 106 notable AI models released last year, up from 98 the year before. On the agent-building side, LangChain leads open-source frameworks with 145,696 GitHub stars, followed by AutoGen at 60,815, CrewAI at 58,110, and the OpenAI Agents SDK at 29,205. The tooling for building agents is maturing fast, even as the hyperscalers keep spending on the hardware underneath it.

Energy

Electric power generation jumped to an index of 124.3 in July, from 110.8 the month before, though it's only up 1.3% versus a year ago. Utilities output rose to 110.7, up 0.7% year over year. Power demand is moving, and it's not a coincidence given the capex numbers above.

What this means for a mid-sized operator

", "blog_url": null}}