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Construction bidding activity ticks up in February

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Construction bidding activity ticks up in February

The Blue Book Network's Velocity Index measures month-to-month changes in bidding activity among construction firms across five building sectors and in all 50 states. 


By Blue Book Building & Construction Network | April 9, 2021
Construction bidding activity ticks up in February

Photo: Pixabay

   

The Blue Book Network Velocity Index ticked up 0.5% to 100.9 in February from a revised 100.5 in January (December 2018 = 100). This the most stable the Index has been since before the pandemic began. 

The Blue Book Network Velocity Index is a measure of month-to-month changes in bidding activity in The Blue Book Network, accounting for seasonality, providing a leading indicator of construction spending to inform critical decision making.  

 

 

Analysis by building sector shows that the manufacturing, institutional, and multifamily categories fell back slightly, but were offset by gains in commercial and lodging. Lodging jumped nearly 50% to 69.4 following a 44% increase from December to January.

Some highlights:
• The institutional building sector dipped 2.5% to 117.2, but showed strengthening in the Midwestern states
• The manufacturing sector was mostly unchanged, with Pennsylvania, Massachusetts, Virginia, Washington, and Louisiana gaining
• The commercial buildings sector climbed 3.6% to 75.1
• Lodging continued its two-month recovery with strong gains mostly in the Sun Belt
• Multifamily, while down slightly, remained strong at 118.8, bolstered by Midwest and Southeast states
• States split the difference in February, with 22 on the rise
• Midwest states held the line with most showing moderate increases
• Larger states losing ground included California, Florida, New York, and Texas, with modest declines.

More on the The Blue Book Network Velocity Index.

 

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