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
| Jun 11, 2013
Building a better box: High-bay lab aims for net-zero [2013 Building Team Award winner]
Building Team cooperation and expertise help Georgia Tech create a LEED Platinum building for energy science.
| Jun 11, 2013
Finnish elevator technology could facilitate supertall building design
KONE Corporation has announced a new elevator technology that could make it possible for supertall buildings to reach new heights by eliminating several problems of existing elevator technology. The firm's new UltraRope hoisting system uses a rope with a carbon-fiber core and high-friction coating, rather than conventional steel rope.
| Jun 10, 2013
Lake Washington STEM school combines modular and site-built construction to meet ambitious schedule
When the Lake Washington School District outside Seattle needed a new high school built on an ambitious permitting and construction schedule of seven months, modular construction proved to be an ideal solution.
| Jun 10, 2013
Turner Construction honored by National Building Museum
Turner Construction Company announced that it has been selected as the National Building Museum’s 2013 Honor Awardee.
| Jun 7, 2013
Must see: Building façade made of massive concrete drain pipes
Looking to create a unique atmosphere using natural materials for the Prahran Hotel pub near Melbourne, local architect Techné Architects cleverly incorporated a series of concrete sewer pipes into the building's main façade.
| Jun 7, 2013
40 Under 40 retrospective: Where are they now?
Every month we’ll be catching up with past 40 Under 40 honorees to see what they’ve been up to since winning the award. This month we focus on a construction manager and a healthcare designer.
| Jun 7, 2013
First look: University of Utah's ‘teaching hospital for law’
The University of Utah broke ground on its cutting-edge College of Law building, which will facilitate new approaches to legal education based on more hands-on learning and skills training.
| Jun 7, 2013
First look: Austin breaks ground on 'light-filled' Central Library
The design scheme by Lake|Flato and Shepley Bulfinch incorporates reading "porches" and a light-filled, six-story atrium.
| Jun 5, 2013
USGBC: Free LEED certification for projects in new markets
In an effort to accelerate sustainable development around the world, the U.S. Green Building Council is offering free LEED certification to the first projects to certify in the 112 countries where LEED has yet to take root.
| Jun 4, 2013
SOM research project examines viability of timber-framed skyscraper
In a report released today, Skidmore, Owings & Merrill discussed the results of the Timber Tower Research Project: an examination of whether a viable 400-ft, 42-story building could be created with timber framing. The structural type could reduce the carbon footprint of tall buildings by up to 75%.