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Data center delays lift record backlogs at HVAC and construction firms
Comfort Systems USA reported a record $14.1 billion backlog in Q2 2026, up 73% year over year, tying demand to technology and industrial projects.
Data center construction timelines are slipping, with JPMorgan estimating that about 60% of capacity planned for completion in 2027 has not even broken ground yet. The delay is contributing to volatility across parts of the AI trade, while also highlighting the need to build the supporting infrastructure needed to bring projects online.
MarketBeat Ratings points to a bottleneck beyond chips and power availability, saying permitted projects must still be delivered using skilled labor such as electricians, plumbers, and welders in areas near new sites. The outlet frames the near term as an opportunity for companies with announced backlogs that align with data center buildouts.
Among the examples cited, Comfort Systems USA, an HVAC contractor, reported a record $14.1 billion backlog in its Q2 2026 earnings, up 73% year over year, with most of the backlog linked to technology and industrial demand. The company also reported its first quarter with more than $3 billion in revenue, reflecting the current scale of business tied to the data center cycle.