Associated Builders and Contractors reported today that its Construction Backlog Indicator increased to 8.4 months in June, according to an ABC member survey conducted June 20 to July 3. The reading is down 0.5 months from June 2023.
View ABC’s Construction Backlog Indicator and Construction Confidence Index tables for June. View the full Construction Backlog Indicator and Construction Confidence Index data series.
The entire decline in backlog observed over the past calendar year is attributable to the Middle States and Northeast. Backlog in the South and West regions was unchanged between June 2023 and June 2024.
ABC’s Construction Confidence Index readings for sales and staffing levels fell slightly in June, while the reading for profit margins improved. All three readings remain above the threshold of 50, indicating expectations for growth over the next six months.
“Backlog continues to hold up remarkably well despite high interest rates, inflation and emerging weakness in the broader economy," said ABC Chief Economist Anirban Basu. “While contractor confidence regarding the outlook for sales and staffing levels fell modestly in June, all three Construction Confidence Index components are higher than they were one year ago.
“The combination of slowing inflation and softening growth suggests that the Federal Reserve may begin to lower interest rates as soon as September,” said Basu. “That will buoy backlog as some of the softer construction segments, like office and commercial, benefit from lower borrowing costs and looser lending standards.”
Related Stories
| Jul 18, 2013
LEGO takes on the iconic Sydney Opera House
This September, LEGO will expand its LEGO Creator Expert series with a 2,989-brick model of the iconic Sydney Opera House.
| Jul 17, 2013
Top Multifamily Construction Firms [2013 Giants 300 Report]
Lend Lease, Clark Group, Balfour Beatty top Building Design+Construction's 2013 ranking of the largest multifamily contractors and construction management firms in the United States.
| Jul 17, 2013
Top Multifamily Engineering Firms [2013 Giants 300 Report]
STV, URS, AECOM top Building Design+Construction's 2013 ranking of the largest multifamily engineering and engineering/architecture firms in the United States.
| Jul 17, 2013
Top Multifamily Architecture Firms [2013 Giants 300 Report]
IBI Group, Niles Bolton, Perkins Eastman top Building Design+Construction's 2013 ranking of the largest multifamily architecture and architecture/engineering firms in the United States.
| Jul 17, 2013
McLaughlin named Executive Director of the Builders Association
The Executive Committee of the Builders Association welcomes Dan McLaughlin as the new Executive Director. Dan comes to the Builders Association after twenty one years as the Executive Director of the Plumbing Contractors Association Of Chicago.
| Jul 17, 2013
CBRE recognizes nation's best green research projects
A rating system for comparative tenant energy use and a detailed evaluation of Energy Star energy management strategies are among the green research projects to be honored by commercial real estate giant CBRE Group.
| Jul 17, 2013
Retail store openings at five-year high
Analysis by RBC Capital Markets shows that U.S. retailers are planning to open 42,757 stores over the next 12 months, and some 83,700 locations over the next two years, both five-year highs.
| Jul 16, 2013
As the U.S. economy sputters back to life, contractors wait for the green light on projects [2013 Giants 300 Report]
There are enough positive indictors in the economy to justify greenlighting projects, but building owners and developers remain reluctant to pull the trigger.
| Jul 16, 2013
Top Construction Management Firms [2013 Giants 300 Report]
URS, STV, JE Dunn top Building Design+Construction's 2013 ranking of the largest construction management and project management firms in the United States.
| Jul 16, 2013
Top Contractors [2013 Giants 300 Report]
Turner, Fluor, Skanska top Building Design+Construction's 2013 ranking of the largest contractors in the United States.