Associated Builders and Contractors reported that its Construction Backlog Indicator declined to 8.4 months in October from 9 months in September, according to an ABC member survey conducted Oct. 19-Nov. 2. The reading is down 0.4 months from October 2022.
View ABC’s Construction Backlog Indicator and Construction Confidence Index tables for October. View the full Construction Backlog Indicator and Construction Confidence Index data series.
Backlog now stands at its lowest level since the first quarter of 2022. Declines were concentrated among the smallest contractors, those with less than $30 million in annual revenues. All three other revenue categories experienced an increase in backlog in October.
ABC’s Construction Confidence Index readings for sales, staffing levels and profit margins fell in October. All three readings remain above the threshold of 50, indicating expectations for growth over the next six months.
