Associated Builders and Contractors reported today that its Construction Backlog Indicator declined to 8.7 months in March, according to an ABC member survey conducted March 20 to April 3. The reading is 0.4 months higher than in March 2022.
View ABC’s Construction Backlog Indicator and Construction Confidence Index tables for March. View the historic Construction Backlog Indicator and Construction Confidence Index data series.
Backlog slipped in March and is now at its lowest level since August 2022. Backlog is down on a monthly basis in every region except for the South, which continues to be associated with elevated levels of current and future construction activity.
ABC’s Construction Confidence Index reading for sales inched higher in March, while the readings for profit margins and staffing levels fell. All three readings remain above the threshold of 50, indicating expectations of growth over the next six months.
“The deceleration in nonresidential construction activity may have started,” said ABC Chief Economist Anirban Basu. “With widespread fears of recession, credit conditions tightening and more decision-makers turning their attention to cost containment, new construction work may be more difficult for contractors to line up.
“While the confidence and backlog data weakened in March, they indicate a slowing of activity rather than a shift into reverse,” said Basu. “There is a widely held view that financial conditions are tightening in the aftermath of the failures of Silicon Valley Bank and Signature Bank. To the extent that this is true, one could anticipate further slowing and less industry confidence during the months ahead.”
Related Stories
| Jul 29, 2016
Top 45 Airport Terminal Construction and CM Firms
Hensel Phelps generated more than $660 million in revenue last year to earn the top spot on BD+C’s annual ranking of the nation’s largest airport terminal construction and CM firms.
| Jul 27, 2016
Turner turns to design-build, P3, Lean practices, and engineering services
Design-build has accounted for a notable portion of Turner’s work over the last few years.
| Jul 27, 2016
CONSTRUCTION GIANTS: Economists forecast moderation for nonresidential projects
Construction spending is up this year and is expected to continue to increase through 2017. But, economists identified factors that could slow construction spending.
| Jul 27, 2016
Top 70 Construction Management Firms
Hill International, Jacobs, and JLL head Building Design+Construction's 2016 ranking of the largest construction management and project management firms in the United States.
| Jul 27, 2016
Top 115 Contractor Firms
Turner Construction, Whiting-Turner Contracting, Fluor, and Skanska top Building Design+Construction's 2016 ranking of the largest contractors in the United States.
Sports and Recreational Facilities | Jul 20, 2016
San Diego’s waterfront redevelopment would go beyond a mere ‘project’
Its developers envision a thriving business, education, and entertainment district, highlighted by a huge observation tower and aquarium.
| Jul 19, 2016
2016 GIANTS 300 REPORT: Ranking the nation's largest architecture, engineering, and construction firms
Now in its 40th year, BD+C’s annual Giants 300 report ranks AEC firms by discipline and across more than 20 building sectors and specialty services.
Sports and Recreational Facilities | Jul 18, 2016
Turner and AECOM will build the Los Angeles Rams’ new multi-billion dollar stadium project
The 70,000-seat stadium will be ready by the 2019 NFL season. The surrounding mixed-use development includes space for retail, hotels, and public parks.
Contractors | Jul 15, 2016
Trade unions, contractors call for maximum penalty in construction worker death case
‘Sick and tired’ of lawbreaking contractors defining public perception.
| Jul 12, 2016
Grant Gagnier named COO of Suffolk Construction for New York region
Suffolk Construction Company, Inc., one of the largest privately held construction companies in the U.S., has named industry veteran and Suffolk Construction executive Grant Gagnier as its new Chief Operating Officer of the New York Region. Suffolk recently opened an office in Manhattan at One Pennsylvania Plaza.