Q4 Highlights:

• Continued Flat Growth: Primary Indicators and Overall Costs Indices remained fairly flat through Q4.

  
  

• Construction Pricing: 2025 was highly advantageous for construction procurement, resulting in the lowest construction pricing in years, though outcomes varied by region and sector.

  
  

• Regional Trends: The Midwest leads in design billings with expansionary ABI, despite declining backlogs that point to softer activity in 2026 and stronger starts in 2027. The South posted lower ABI but maintained the highest backlogs, supporting shovel-ready projects in 2026.

  
  

• Sector Trends: Data Centers and Infrastructure remained the primary drivers of Construction Spending and Starts. Residential construction continued to decline following recent record deliveries, despite persistent structural housing undersupply.

Our latest report analyzes the key economic indicators shaping construction activity, costs, labor conditions, and project risks. The Q4 edition also introduces a new focus on Regional and Market Sector Trends, highlighting the various divergence across geographies and asset classes.

View the full report here: