flexiblefullpage -
billboard - default
interstitial1 - interstitial
catfish1 - bottom
Currently Reading

The average U.S. contractor has 8.9 months worth of construction work in the pipeline, as of April 2023

Contractors

The average U.S. contractor has 8.9 months worth of construction work in the pipeline, as of April 2023

Contractor backlogs climbed slightly in April, from a seven-month low the previous month, according to Associated Builders and Contractors.


By Associated Builders and Contractors | May 24, 2023
The average U.S. contractor has 8.9 months worth of construction work in the pipeline, as of April 2023
Image by PIRO from Pixabay

Associated Builders and Contractors' Construction Backlog Indicator increased to 8.9 months in April from 8.7 in March, according to an ABC member survey conducted April 20 to May 3. The reading is 0.1 months higher than in April 2022.

After declining to a seven-month low in March, backlog rebounded in April due to strength in the infrastructure category. Regionally, backlog increased in the Northeast and West but fell in the South and middle states.

ABC’s Construction Confidence Index reading for sales and staffing moved higher in April, while the readings for profit margins inched lower. All three readings remain above the threshold of 50, indicating expectations of growth over the next six months.

CBI_Table_Apr.23

The average U.S. contractor has 8.9 months worth of construction work in the pipeline, as of April 2023

“Based on ABC member sentiment, one would not be able to discern that interest rates are high, the nation’s banking sector is in tumult, politicians are arguing over the nation’s debt limit and recession fears remain pervasive,” said ABC Chief Economist Anirban Basu. “Despite many headwinds and an active news cycle, contractors continue to express confidence in the near term.

“Still, there is some evidence of a shift,” said Basu. “With credit conditions tightening, expectations are that private construction is poised for weaker times ahead. Nonetheless, backlog expanded in April, as infrastructure contractors began to take on more public works projects. Moreover, despite rapidly rising compensation costs, more ABC contractors expect profit margins to expand as opposed to recede over the next six months, evidence of sufficiently strong demand for construction services to support pricing power.”


 

Related Stories

Adaptive Reuse | Apr 5, 2024

McHugh Construction completes restoration of Chicago’s historic Ramova Theatre

Adaptive reuse project turns 1929 cinema into a live performance venue, adds a brewery and a taproom, and revives the Ramova Grill in Chicago’s Bridgeport neighborhood.

Retail Centers | Apr 4, 2024

Retail design trends: Consumers are looking for wellness in where they shop

Consumers are making lifestyle choices with wellness in mind, which ignites in them a feeling of purpose and a sense of motivation. That’s the conclusion that the architecture and design firm MG2 draws from a survey of 1,182 U.S. adult consumers the firm conducted last December about retail design and what consumers want in healthier shopping experiences.

Sustainability | Apr 4, 2024

Skanska Elevates Commitment to Sustainability

Skanska, a global leader in sustainable building, has restructured its Sustainability Team to better serve client and company goals. Co-led by Steve Clem and Myrrh Caplan, who together bring decades of experience, the team will allow Skanska to continue to set the bar for the industry.

Codes and Standards | Apr 4, 2024

How Washington, D.C.'s Zero Waste DC Plan impacts building owners and design professionals

On February 8, 2024, Mayor Muriel Bowser presented the Zero Waste DC Plan to the Council, outlining policies, programs, and initiatives to meet the District’s aim of reducing per capita waste generation by 15% and transitioning from a disposable culture to a circular economy. Of the 43 actions in the plan, a handful are essential for building owners and design professionals to know about now.

Healthcare Facilities | Apr 3, 2024

Foster + Partners, CannonDesign unveil design for Mayo Clinic campus expansion

A redesign of the Mayo Clinic’s downtown campus in Rochester, Minn., centers around two new clinical high-rise buildings. The two nine-story structures will reach a height of 221 feet, with the potential to expand to 420 feet.

K-12 Schools | Apr 1, 2024

High school includes YMCA to share facilities and connect with the broader community

In Omaha, Neb., a public high school and a YMCA come together in one facility, connecting the school with the broader community. The 285,000-sf Westview High School, programmed and designed by the team of Perkins&Will and architect of record BCDM Architects, has its own athletic facilities but shares a pool, weight room, and more with the 30,000-sf YMCA.

Market Data | Apr 1, 2024

Nonresidential construction spending dips 1.0% in February, reaches $1.179 trillion

National nonresidential construction spending declined 1.0% in February, according to an Associated Builders and Contractors analysis of data published today by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $1.179 trillion.

Affordable Housing | Apr 1, 2024

Biden Administration considers ways to influence local housing regulations

The Biden Administration is considering how to spur more affordable housing construction with strategies to influence reform of local housing regulations.

Affordable Housing | Apr 1, 2024

Chicago voters nix ‘mansion tax’ to fund efforts to reduce homelessness

Chicago voters in March rejected a proposed “mansion tax” that would have funded efforts to reduce homelessness in the city.

Office Buildings | Mar 27, 2024

A new Singapore office campus inaugurates the Jurong Innovation District, a business park located in a tropical rainforest

Surbana Jurong, an urban, infrastructure and managed services consulting firm, recently opened its new headquarters in Singapore. Surbana Jurong Campus inaugurates the Jurong Innovation District, a business park set in a tropical rainforest.

boombox1 - default
boombox2 -
native1 -

More In Category

MFPRO+ News

Florida condo market roiled by structural safety standards law

A Florida law enacted after the Surfside condo tower collapse is causing turmoil in the condominium market. The law, which requires buildings to meet certain structural safety standards, is forcing condo associations to assess hefty fees to make repairs on older properties. In some cases, the cost per unit runs into six figures.


Mass Timber

Charlotte's new multifamily mid-rise will feature exposed mass timber

Construction recently kicked off for Oxbow, a multifamily community in Charlotte’s The Mill District. The $97.8 million project, consisting of 389 rental units and 14,300 sf of commercial space, sits on 4.3 acres that formerly housed four commercial buildings. The street-level retail is designed for boutiques, coffee shops, and other neighborhood services.


Construction Costs

New download: BD+C's May 2024 Market Intelligence Report

Building Design+Construction's monthly Market Intelligence Report offers a snapshot of the health of the U.S. building construction industry, including the commercial, multifamily, institutional, and industrial building sectors. This report tracks the latest metrics related to construction spending, demand for design services, contractor backlogs, and material price trends.


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