Spending for nonresidential construction, which had been on the uptick for most of 2015, stumbled in the latter months.
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The average U.S. contractor has 8.7 months worth of construction work in the pipeline, as of March 2023
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Nonresidential construction spending up 0.4% in February 2023
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Average size of new apartments dropped sharply in 2022
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Multifamily housing rent rates remain flat in February 2023
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The average U.S. contractor has 9.2 months worth of construction work in the pipeline, as of February 2023
Associated Builders and Contractors reported today that its Construction Backlog Indicator increased to 9.2 months in February, according to an ABC member survey conducted Feb. 20 to March 6. The reading is 1.2 months higher than in February 2022.
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Construction labor gap worsens amid more funding for new infrastructure, commercial projects
The U.S. construction industry needs to attract an estimated 546,000 additional workers on top of the normal pace of hiring in 2023 to meet demand for labor, according to a model developed by Associated Builders and Contractors. The construction industry averaged more than 390,000 job openings per month in 2022.
