Construction — Construction Backlog Rebounds as Input Costs Rise, Impacting Margins

Construction · 2026-04-16

TODAY'S SIGNAL — Construction is caught in a classic margin squeeze: demand is strong but costs are accelerating faster than many firms can reprice. March backlog grew by 0.5 months — a healthy rebound driven disproportionately by data center projects — even as oil-related input prices surged at an 18% annualized rate through Q1. Contractors who locked pricing in Q4 2025 are now exposed.…