The dog economy entered mid-2026 doing what it has done for ninety-six years of federal data: growing. Ownership widened again, spend kept compounding at a calmer pace, and the growth stayed concentrated in services — the operator layer. None of that is the news. The news is what still isn’t there: a durable, $100B-plus economy that clears the bar on size, peers, impact, and longevity, and still lacks the dedicated capital infrastructure those facts would normally attract. That gap is the through-line this library tracks, month over month.