flexiblefullpage
billboard
interstitial1
catfish1
Currently Reading

The average U.S. contractor has 8.1 months worth of construction work in the pipeline, as of February 2024

Contractors

The average U.S. contractor has 8.1 months worth of construction work in the pipeline, as of February 2024

Contractor backlogs dipped slightly February, according to Associated Builders and Contractors.


By Associated Builders and Contractors | March 12, 2024
Image by kalhh from Pixabay The average U.S. contractor has 8.1 months worth of construction work in the pipeline, as of February 2024
Image by kalhh from Pixabay

Associated Builders and Contractors reported that its Construction Backlog Indicator declined to 8.1 months in February, according to an ABC member survey conducted Feb. 20 to March 5. The reading is down 1.1 months from February 2023.

Backlog fell for every size of contractor except for those with under $30 million in annual revenues in February. Over the past year, however, the largest contractors—those with greater than $50 million in revenues—have experienced the greatest decline in backlog.

ABC’s Construction Confidence Index readings for sales, profit margins and staffing levels also decreased in February. However, all three readings remain above the threshold of 50, indicating expectations for growth over the next six months.

“Backlog is declining and confidence began to fade modestly in February,” said ABC Chief Economist Anirban Basu. “While it is far too early to predict an industrywide downturn given that confidence readings continue to signal growth along sales, employment and profit margin dimensions, it appears that a rising tide of project cancellations and postponements has begun to make its mark.

“With excess inflation remaining stubbornly durable, at least according to certain measures, interest rates are poised to remain higher for longer,” said Basu. “That gives higher borrowing costs more time to upset the economic momentum that has so surprised economists over the past two years and has provided support for various nonresidential construction activities. With so much federal money still entering the economy, there will continue to be support for growth in certain construction segments, including public works and manufacturing-related megaprojects, but industry weakness is more apparent in segments that rely more purely on private financing.”

Construction Backlog Indicator February 2024

Construction Backlog Indicator February 2024

v

 

Related Stories

| Feb 22, 2012

Perkins Eastman expands portfolio in China and Vietnam

Recent awards, project progress signal ongoing commitment to region.

| Feb 22, 2012

Suffolk awarded Boston post office renovation project

Renovation of art deco landmark will add 21,000 square feet of retail and 110 new parking spaces.

| Feb 21, 2012

Top 10 trends in commercial lenders’ environmental due diligence

EDR offers free webinar on February 22, 2012 at 1 p.m.

| Feb 21, 2012

Three Goettsch leaders elevated to AIA College of Fellows

Honor recognizes significant contributions to architecture and society. 

| Feb 21, 2012

Skanska welcomes Morrison and Viviano to Atlanta office

Morrison will serve as a vice president and Viviano will serve as senior director of business development for Georgia.  

| Feb 21, 2012

PV America West conference showcases solar growth market

Solar industry gathers March 19-21, 2012 in San Jose to discuss technology, market development and policy.

| Feb 21, 2012

SMPS announces Build Business 2012 keynote speakers

National conference set for July 11–13 in San Francisco.

| Feb 20, 2012

Comment period for update to USGBC's LEED Green Building Program now open

This third draft of LEED has been refined to address technical stringency and rigor, measurement and performance tools, and an enhanced user experience.

| Feb 20, 2012

Sto Corp. announces new technical director for Canada

Edgar will have full responsibility of specifications, details, website technical content, testing and approvals, and will support the Canada sales team.

| Feb 20, 2012

GAF introduces web portal for architects and specifiers

The new portal offers a clean look with minimal clutter to make it easier to find the technical information and product data that architects need.

boombox1
boombox2
native1

More In Category



Curtain Wall

7 steps to investigating curtain wall leaks

It is common for significant curtain wall leakage to involve multiple variables. Therefore, a comprehensive multi-faceted investigation is required to determine the origin of leakage, according to building enclosure consultants Richard Aeck and John A. Rudisill with Rimkus. 


halfpage1

Most Popular Content

  1. 2021 Giants 400 Report
  2. Top 150 Architecture Firms for 2019
  3. 13 projects that represent the future of affordable housing
  4. Sagrada Familia completion date pushed back due to coronavirus
  5. Top 160 Architecture Firms 2021