The S&P Construction & Engineering Index underperformed the S&P 500 Index during the past year driven by continued headwinds in the office, multi-family, and retail markets. Within the Construction Index, both the GC and Civil Peer Sets outperformed the S&P 500 Index during the past year, bolstered by expanding profitability and expectations of future growth stemming from continued public funding through the IIJA and other energy infrastructure modernization efforts. However, the Specialty and Utility Peer Sets underperformed the S&P 500 Index and experienced sharp declines in value during the first quarter of 2025 as shifting trade policy impacted markets with exposure to international supply chains.
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