Construction backlogs decline in Q1
Associated Builders and Contractors (ABC) in mid-May released its Construction Backlog Indicator (CBI) for the first quarter of 2012.
According to the report, “CBI declined 5.4 percent from the previous quarter, dipping from 7.8 months to 7.4 months, but is slightly higher compared to the first quarter of 2011. CBI is a forward-looking economic indicator that measures the amount of construction work under contract to be completed in the future.”
“On the heels of a mixed bag of national economic news, CBI declined for the second quarter in a row,” said ABC Chief Economist Anirban Basu. “The lull in nonresidential construction momentum is not poised to end in the immediate term. The nation’s nonresidential construction activity will remain soft during the summer months, with flat to declining nonresidential construction spending.
“The ongoing instability in the nation’s nonresidential construction industry appears to be related to the period of economic weakness that developed in the broader economy last year, as well as concerns regarding export growth due to recessionary forces in Europe,” Basu said. “The result is that many prospective construction projects were cancelled or postponed.”
From our partners
MORE FROM Articles
SUBSCRIBE & FOLLOW
- VIDEO: Caterpillar builds world’s tallest sand castle, then destroys it 850 Views
- Sand saves a construction worker's life409 Views
- Martin Marietta gives thousands to charity during the holidays188 Views
- Congress passes $1.1 trillion spending bill; cuts billions from federal construction accounts164 Views
- Get operations off to a good start with sound mine planning150 Views