Construction Backlog Stabilizes — But Work Is Concentrated

Construction backlog has stabilized, but the pipeline is becoming increasingly uneven. Large contractors tied to AI-driven data center development are holding strong backlogs, while smaller builders and traditional commercial sectors face thinner project pipelines. In this episode, we analyze how the surge in digital infrastructure is reshaping construction demand, why many conventional CRE developments remain constrained by financing costs, and what this divide means for the broader construction market.