Construction Costs

Tariff Relief Arrives, But Materials Bills Keep Climbing

Equipment duties just got cut — yet input prices ran ~10% hotter than a year ago.

Immigration Enforcement Isn't Filling Construction Jobs. It's Emptying Them.

U.S.-born construction employment dropped 3% in high-enforcement metros — twice the cross-sector average — because finish trades disappear when framing labor does.

Tariffs Are Rewriting Every Development Pro Forma

Materials costs are up 12.6% annualized. Sixty percent of developers have paused or killed projects. The basis just shifted underneath the entire pipeline.

Construction Backlog Stabilizes but Work Concentrated in Large Data Center Builders

AI infrastructure drives backlog growth while smaller contractors face weaker pipelines.

🟡CRE Lending Rebounds Sharply in Q2.

As Debt Funds and CMBS Fill the Void, Spreads Stabilize

🟡First Fed cut sets stage for faster CRE dealmaking and cap-rate relief

The Fed’s first rate cut in years is already shifting CRE liquidity expectations.

⚫️U.S. CRE Prices Post Back-to-Back Gains (MSCI CPPI, July)

Source: MSCI Real Assets CPPI, GlobeSt recap