U.S. Commercial Construction Market Remains Resilient Amid Slower Growth, According to a QBE North America Report
NEW YORK, NY, Sept. 28, 2026 — QBE North America today announced the release of its U.S. Commercial Construction Outlook. Developed in partnership with Control Risks, the report examines the current risk landscape and highlights opportunities for future growth in commercial construction.
“The commercial construction industry continues to demonstrate resilience,” said Ryan Powers, SVP, Head of Construction at QBE North America. “While opportunities tied to AI infrastructure, capital availability and domestic reshoring initiatives are significant, the risk landscape is evolving. Ongoing labor shortages, rising material and energy costs, and the rapid expansion of AI-driven projects are creating new challenges.”
Key themes explored in the 2026 report include:
- AI infrastructure is increasingly driving the market. With sustained investment in data centers and other digital infrastructure driving a disproportionate share of construction growth, AI is emerging as both the industry’s largest growth opportunity and one of its largest sources of risk.
- Labor shortages continue to create operational challenges. Labor availability, an aging workforce and immigration restrictions continue to challenge project timelines and execution. The growth of data centers is further concentrating demand for specialized workers and creating constraints for other sectors.
- Cost volatility remains elevated. Tariffs on key construction materials, energy prices and increased wages are contributing to ongoing cost pressure and volatility.
- Outlook remains positive, but growth is slowing. Non-residential construction spending remains near historic highs in mid-2026, but spending growth has stalled and forward-looking indicators point to a weaker project pipeline.
“As construction projects become larger, more complex and more expensive, understanding and managing risk is more important than ever. Insurers and brokers must work with their clients to incorporate risk management in project planning to safeguard timelines, improve outcomes and mitigate evolving exposures,” said Powers.
More information about QBE’s Construction practice is available at qbe.com/us/construction.
About QBE North America
QBE North America is a global insurance leader that gets to the heart of what’s at risk for customers. Part of QBE Insurance Group Limited, QBE North America reported Gross Written Premiums in 2025 of $7.7 billion. QBE Insurance Group’s results can be found at qbe.com. Headquartered in Sydney, Australia, QBE operates out of 26 countries around the globe, with a presence in every key insurance market. The North America division, headquartered in New York, conducts business primarily through its insurance company subsidiaries. The actual terms and conditions of any insurance coverage are subject to the language of the policies as issued. Additional information can be found at qbe.com/us or follow QBE North America on LinkedIn, Facebook and Instagram.
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