Today’s Construction Economy Report – Q3 2025

The U.S. nonresidential construction market is softening amid trade uncertainty, inflationary input costs, and shifting federal priorities. While overall starts have slowed, data centers, select industrial segments, and military readiness remain resilient; supported by investment in AI, reshoring, and national security. Public-sector activity is under pressure, with a 16.8% decline in starts forecast for 2025. Similarly, the FMI Index dipped from 52.2 in Q2 to 50.8 in Q3, reflecting rising concern over materials costs, tariffs, and margin compression. Interest rate relief is expected to be limited, with long-term yields continuing to constrain financing and dampen new project starts heading into Q3.

Download our Q3 Construction Economy Report and get all the details from MOCA Construction Economist, Brandon Michalski.

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Meet the Author

Brandon Michalski
Principal, Construction Economist

Brandon Michalski is the lead economist for MOCA Systems, Inc., a leading owner’s representative firm providing program and project management services. Brandon’s decade in the mining and heavy construction industries provides a foundation for subject matter expertise. He holds a Master of Science in Applied Economics from Johns Hopkins University in Baltimore, MD as well as a Bachelor’s Degrees in both Mining Engineering and Biology from West Virginia University in Morgantown, WV. Brandon currently lives in Chicago, Illinois with his family and enjoys hiking and camping.

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Mr. McGlone performs program and project management responsibilities for a wide range of activities in the engineering and construction field.  With over 20 years of experience, specializing in Civil, Environmental, Cost and Value Engineering, Facility/Community Planning, Property Development, Budget Analysis, Contract Administration/Negotiation, Construction Management, Personnel Management, and Business Development.  Mr. McGlone currently manages the Project Controls/Cost Engineering Department for his current company, where he oversees preparation and provides quality assurance of cost estimates for over $8.0 billion in construction value annually for various federal and state government and commercial clients. He has developed facility requirements valued at over $1 Billion for various government and commercial clients through information gathering charettes and produces comprehensive documentation with concept reports, drawings, and cost estimates.  He has supervised project managers, engineers, architects, estimators, surveyors, draftsmen, and construction superintendents.