In this episode of FMI’s Built-In Podcast, host Scott Winstead welcomes back Jay Bowman, senior partner and head of FMI’s market research practice, for a grounded and strategic look at the U.S. construction market heading into 2026.

After several years of broad-based growth, Jay explains why the conversation is shifting from chasing volume to making smarter, more disciplined decisions in a market defined by concentration, constraint and structural uncertainty. Rather than offering predictions for their own sake, the discussion focuses on what the data is really signal ...