flexiblefullpage
billboard
interstitial1
catfish1
Currently Reading

The average U.S. contractor has 9.2 months worth of construction work in the pipeline, as of February 2023

Contractors

The average U.S. contractor has 9.2 months worth of construction work in the pipeline, as of February 2023

“Despite a gloomy economic forecast and extraordinarily elevated borrowing costs, contractor backlog and confidence continue to rise,” said ABC Chief Economist Anirban Basu.


By ASSOCIATED BUILDERS AND CONTRACTORS | March 14, 2023
The average U.S. contractor has 9.2 months worth of construction work in the pipeline, as of February 2023
Image by Ulrike Leone from Pixabay

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.

Backlog rebounded in February and for the past four months has hovered around highs not seen since the start of the pandemic. The Southern region continues to post the highest backlog of any region and, as of February, has had at least 11 months of backlog in four of the previous five months.

View ABC’s Construction Backlog Indicator and Construction Confidence Index tables for February. View the historic Construction Backlog Indicator and Construction Confidence Index data series.

CBI_Table_Feb.23 (1).jpg

Combo_graph_Feb.23.jpg

ABC’s Construction Confidence Index reading for sales, profit margins and staffing levels increased in February. All three readings remain above the threshold of 50, indicating expectations of growth over the next six months.

“Despite a gloomy economic forecast and extraordinarily elevated borrowing costs, contractor backlog and confidence continue to rise,” said ABC Chief Economist Anirban Basu. “This mirrors the broader economy, which has thus far proved resilient in the face of rising interest rates. While economic strength, particularly regarding labor demand, is surprising, interest rate increases typically take 12 to 18 months to affect the broader economy, and the first interest rate increase occurred in March 2022.

“While backlog remains at a historically elevated level, borrowing costs will continue to rise during the next several months, and contractors continue to struggle in the face of skilled labor shortages,” said Basu. “If economic momentum fades this year, as a majority of forecasters continue to predict, then backlog and confidence may decline, especially for contractors working predominantly on privately financed projects.”

Related Stories

| Jun 13, 2013

WorkingBuildings acquires Specialty Operations Solutions

The WorkingBuildings Companies, a leading provider of comprehensive Owner-based solutions for the built environment, announces the acquisition of Specialty Operations Solutions (SOS), a national provider of research and laboratory services.

| Jun 13, 2013

Health Product Declaration Collaborative names Knott as Executive Director

John L. Knott Jr. has been named as the Health Product Declaration Collaborative’s (www.hpdcollaborative.org) first Executive Director following a national search. The Health Product Declaration Collaborative (HPDC) is a customer-led standards-setting organization committed to the continuous improvement of the building industry’s environmental and health performance, through transparency and innovation in the building product supply chain.

| Jun 13, 2013

AIA partners with industry groups to launch $30,000 'Designing Recovery' design competition

The program will award a total of $30,000 to three winning designs, divided equally between three locations: Joplin, Mo., New Orleans, and New York. 

| Jun 12, 2013

More than 90% of New York City schools have code violations

More than 90% of New York City schools have at least one outstanding building code violation. Loose wires, stuck doors and inadequate ventilation are just some of the problems.

| Jun 12, 2013

5 building projects that put the 'team' in teamwork

The winners of the 2013 Building Team Awards show that great buildings cannot be built without the successful collaboration of the Building Team. 

| Jun 12, 2013

Sacred synergy achieves goals for religious education [2013 Building Team Award winner]

A renovation/addition project at Columbia Theological Seminary unites a historic residence hall with a modern classroom facility.

| Jun 12, 2013

‘Talking’ Braille maps help the visual impaired

Talking pen technology, combined with tactile maps, allows blind people to more easily make their way around BART stations in the Bay Area.

| Jun 11, 2013

Music/dance building supports sweet harmony [2013 Building Team Award winner]

A LEED Gold project enhances a busy Chicago neighborhood, meeting ambitious criteria for acoustical design and adaptability.

| Jun 11, 2013

Vertical urban campus fills a tall order [2013 Building Team Award winner]

Roosevelt University builds a 32-story tower to satisfy students’ needs for housing, instruction, and recreation.

| 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.

boombox1
boombox2
native1

More In Category




halfpage1

Most Popular Content

  1. 2021 Giants 400 Report
  2. Top 150 Architecture Firms for 2019
  3. 13 projects that represent the future of affordable housing
  4. Sagrada Familia completion date pushed back due to coronavirus
  5. Top 160 Architecture Firms 2021