Q3 2025 saw continued flat growth, minimal tariff impacts and contracting architectural billings with most asset classes experiencing competitive construction pricing.

Key Takeaways:

• Continued flat growth across most sectors, mirroring Q2, as pricing remains highly competitive

• Design billings fell to a yearly low, marking 11 consecutive quarters of contraction and signaling continued slow growth ahead

• Tariff impacts have yet to materialize, with cost data showing minimal escalation to date

• Labor costs ticked up modestly, while construction job openings fell to a 10-year low

Our quarterly report examines the current cost environment, labor dynamics, and emerging risks shaping the construction landscape.

Read the full report here.