Construction economy

A soft July jobs report drove the 10-year Treasury to 4.63% and a September cut back into play — even as construction spending fell 3.2% YoY and data-center delivery risk surfaced.

Backlog held near a multi-year high in June 2026 — but only if you pour data centers. For the other 87% of contractors, the pipeline is thinner and margins are the worry. A look at the split.