Margin

Spending fell 3.8% year over year while contractors added 22,000 jobs in August. That gap is where margin goes to die - and why cash timing decides this year.

July's construction spending reads flat. Underneath it, manufacturing is down 21% and the rest of nonresidential is quietly up 2.7%. Two different markets.

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.

An institutional guide to construction job costing: cost codes, commitments, accruals, labor productivity, cost-to-complete forecasting, revenue exposure.