Following an intense winter season, the Associated Builders and Contractors' Construction Backlog Indicator (CBI) revealed a 3.2% decline during the first quarter of 2015.
According to ABC, construction firms across the country reported a revenue-weighted average CBI of 8.4 months, 0.3 months below the final quarter of 2014.
The Northeast saw its backlog decline by 10.2%, a change of 1.04 months from the fourth quarter of last year. The Middle States reported a 0.7% decline to 0.05 months in construction backlog and the West experienced a 25.3% drop or 1.88 months. The South was the only region to report an increase in construction backlog as it rose 5.9% or 0.55 months.
"Weather and a myriad of other factors always make the first quarter CBI difficult to interpret," said ABC Chief Economist Anirban Basu. "A brutal winter may have postponed project-related work, including the signing of contracts. The first quarters of 2012 and 2014 also experienced CBI declines that effectively were reversed during the ensuing second quarters."
Additionally, sharp reductions in oilfield investment affected companies in the Middle States while the West Coast port slowdown impacted firms on the western side of the country. However, the backlog should re-establish an upward trend as the year's warmer months approach and ports return to normal.
Despite the backlog decline, continued job growth, low fuel prices, and wage gains are expected to lead to an increase in consumer spending.
Related Stories
| Jun 2, 2014
Parking structures group launches LEED-type program for parking garages
The Green Parking Council, an affiliate of the International Parking Institute, has launched the Green Garage Certification program, the parking industry equivalent of LEED certification.
| Jun 2, 2014
OSHA launches 'stand down' program to promote fall prevention
New program urges firms to explore ways to prevent jobsite falls, which are a leading cause of death and injury for construction workers.
| May 30, 2014
MIT researchers create 'home in a box' transformable wall system for micro apartments
Dubbed CityHome, the system integrates furniture, storage, exercise equipment, lighting, office equipment, and entertainment systems into a compact wall unit.
| May 30, 2014
Riding high: L.A., Chicago working on their version of the High Line elevated park
Cities around the U.S. are taking notice of New York's highly popular High Line elevated park system. Both Chicago and Los Angeles are currently working on High Line-like projects.
| May 30, 2014
Developer will convert Dallas' storied LTV Building into mixed-use residential tower
New Orleans-based HRI Properties recently completed the purchase of one of the most storied buildings in downtown Dallas. The developer will convert the LTV Building into a mixed-use complex, with 171 hotel rooms and 186 luxury apartments.
| May 29, 2014
Turn your pen-and-paper sketches into digital drawings in seconds with this nifty gadget [video]
Funded through Kickstarter, iSketchnote uses a smart pen to instantly digitize hand-written notes and drawings.
| May 29, 2014
Wood advocacy groups release 'lessons learned' report on tall wood buildings
The wood-industry advocacy group reThink Wood has released "Summary Report: Survey of International Tall Wood Buildings," with informatino from 10 mid-rise projects in Europe, Australia, and Canada.
| May 29, 2014
Five finalists, including SOM and Zaha Hadid, chosen in competition for Sweden's tallest skyscraper
In Sernecke's competition to design Sweden's tallest skyscraper, five finalists have been selected: Manuelle Gautrand Architects, Ian Simpson Architects, SOM, Wingårdhs Arkitektkontor, and Zaha Hadid Architects.
| May 29, 2014
Retail renovation trends: Omni-channel shopping, personalized experiences among top goals of new store designs
In pursuit of enhanced customer experiences, retailers are using Big Data, interactive technology, and omni-channel shopping to transform their bricks and mortar locations.
| May 28, 2014
KPF's dual towers in Turkey will incorporate motifs, symbols of Ottoman Empire
The two-building headquarters for Turkey’s largest and oldest financial institution, Ziraat Bank, is inspired by the country’s cultural heritage.
