Construction backlog

Contractor backlog broke to 8.0 months across every region and size, input costs held at 7.2% YoY, and the 30-year Treasury hit a 19-year high — data centers (+46%) alone are carrying demand.

Contractor backlog fell to an 8-month low and manufacturing construction is −21.4% YoY, even as tariffed-metal input costs rose 7.4%. A margin market, not a growth market.