Management described steady commercial demand supported by population migration to the Sun Belt, reshoring of manufacturing and supply chains, and continued build-out of AI-related infrastructure. Smith cited examples of projects the company is bidding or executing, including work tied to distribution facilities, manufacturing, and data-center-related infrastructure.The company ended the quarter with a project backlog of $3.09 billion as of December 31, 2025. Hoffman said approximately 80% to 85% of the nex ...