Rising uncertainty caused more developers to abandon projects in March, according to data from ConstructConnect.
The Project Stress Index, ConstructConnect’s measure of construction projects that have been paused, abandoned, or have a delayed bid date, increased 1.1% in March. It was a 13.7% increase over 2021 levels.
High interest rates, rising input costs, and unstable economic conditions expected over the rest of the year appear to be making owners and developers wary. This is most evident in the private sector.
During March, there were nearly two private sector abandonments for every abandoned public project, the report says.
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