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Home Steel News US construction industry remains confident; backlog of orders increases
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US construction industry remains confident; backlog of orders increases

16 May 2024 12:00 reported by Stanley Wang

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In a recent survey conducted by Associated Builders and Contractors (ABC) from April 22 to May 6, the Construction Backlog Indicator climbed to 8.4 months in April. While this marks a decrease of 0.5 months from April 2023, it shows a positive trend, expanding by 0.2 months from the previous month.

Despite fluctuations, the backlog declined for both the largest and smallest contractors by revenue, while it grew for those generating US$30-$50 million and US$50-$100 million annually. Notably, only contractors within the US$30-$50 million range experienced an annual increase in backlog.

ABC's Construction Confidence Index reported slight drops in sales and profit margins for April, but the reading for staffing levels improved. Nevertheless, all three readings remain above the growth threshold of 50, indicating positive expectations for the sector over the next six months.

ABC Chief Economist Anirban Basu commented on the findings, stating, "The Federal Reserve began ratcheting up interest rates more than two years ago, but one would not know it based on construction confidence and backlog." Basu emphasized the sector's ongoing momentum, with contractors expressing optimism about future sales, employment, and profit margins.

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