Asphalt Product Manufacturers NAICS 324121, 324122

Dec 6, 2025 - Megaprojects Boost Construction Starts

• Megaprojects drove substantial gains for the total value of construction starts in October compared to September, according to Dodge Construction Network. Nonbuilding construction starts jumped 59.4% in October, led by a 384.5% surge in utilities and an 18.6% rise in environmental public works. Highway and bridge starts were down 23.7%. Nonresidential building construction starts increased 17.9% in October compared to the previous month, amid a 19.5% rise in commercial starts, led by data centers (+45.5%) and retail stores (+15.1%). Institutional starts grew 3.7% due to project categories other than education and healthcare, which saw starts fall 20.8% and 2.7%, respectively. Residential starts dropped 15.4% in October, with single-family starts down 2.2% and multifamily starts down 38.5%. Dodge said 10 projects valued at $1 billion or more broke ground in October, primarily in data centers, manufacturing, and liquefied natural gas (LNG) facilities.
• Construction firms that work on civil infrastructure projects are holding steady as they manage uncertainties, including waning backlog growth and stagnant margins, according to FMI’s fourth-quarter Civil Infrastructure Construction Index (CICI) survey. The CICI reading for the third quarter was 50.6 compared to 50.8 in Q3 2025 – on a 100-point scale. Any CICI reading above 50 indicates that more civil infrastructure contractors see conditions as good than poor. About half of civil infrastructure contractors reported that their backlogs in Q4 met or exceeded their targets. However, most noted that public projects are making up a growing share of overall backlogs, as private-sector projects face greater uncertainty. Contractors expect backlog growth to slow over the next few quarters as more firms vie for a narrower set of public projects. Contractor margins remained steady but flat in Q4 2025 as bid competition and rising cost pressures eroded pricing power.

• America’s largest homebuilders are struggling to sell new homes despite offering 4% mortgages and deep discounts, according to The Wall Street Journal. D.R. Horton and Lennar have slashed prices and added incentives, but demand remains weak, pushing unsold inventory to levels last seen in 2009. Builders are slowing construction, with D.R. Horton cutting starts by 21% year over year for the three-month period through September. Regional gluts in Texas, Florida, Southern California, and Washington, DC reflect rising resale competition, fewer foreign buyers, and economic uncertainty. Investor activity is at a 15-year low, with institutional buyers demanding steep discounts that builders won’t meet. New homes, often located in less desirable areas and targeted at first-time buyers, are more challenging to sell.
• Home builder confidence in the single-family market increased slightly in November, but remained in contraction territory amid sustained industry headwinds, according to the National Association of Home Builders (NAHB). Home builder sentiment, as measured by the NAHB/Wells Fargo Housing Market Index (HMI), rose one point to 38 in November 2025. Any HMI reading over 50 indicates that more builders see conditions as good than poor. Builders reported that the US government shutdown added to existing challenges, including tariff-related economic uncertainty and rising construction costs. The HMI survey also showed that 41% of builders reduced home prices in November, marking a record post-pandemic high. The average price reduction of 6% was unchanged from the previous month.