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OverviewAPI
Backlog in the construction industry has reached its lowest level since Q1 2022, with a decrease of 6.7% from September and a 4.5% drop over the past year. Smaller contractors experienced a more significant drop in backlog, while larger contractors continued to add work. The decline is attributed to tightening credit, high financing costs, and weaker economic fundamentals, particularly in commercial real estate segments.

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