May 14, 2024
‘The persistent optimism among nonresidential construction contractors is astonishing’
April 2024
Associated Builders and Contractors reported today that its Construction Backlog Indicator increased to 8.4 months in April, according to an ABC member survey conducted April 22 to May 6. The reading is down 0.5 months from April 2023, but expanded 0.2 months from the prior month.
View the full Construction Backlog Indicator and Construction Confidence Index data series.
Construction Backlog Indicator
Backlog declined on a monthly basis for the largest and smallest contractors by revenue and grew for those with $30-$50 million and $50-$100 million in annual revenues. On an annual basis, only contractors with $30-$50 million in annual revenues have experienced an increase in backlog.
Construction Confidence Index
ABC’s Construction Confidence Index readings for sales and profit margins fell slightly in April, while the reading for staffing levels improved. All three readings remain above the threshold of 50, indicating expectations for growth over the next six months.
“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,” said ABC Chief Economist Anirban Basu. “ABC measurements reflect ongoing momentum in the nation’s nonresidential construction sector. While there are occasional hints of softness in certain segments and over certain periods, the average contractor continues to report solid backlog and a belief that sales, employment and profit margins will expand over the next six months.
About ABC’s CBI and CCI
The reference months for the Construction Backlog Indicator and Construction Confidence Index data series were revised on May 12, 2020, to better reflect the survey period. CBI quantifies the previous month’s work under contract based on the latest financials available, while CCI measures contractors’ outlook for the next six months. View the methodology for both indicators.
Get Cold-Formed Steel (CFS) Data
The Steel Framing Industry Association (SFIA) offers quarterly United States industry-wide statistical reports of the volume of cold-formed steel (CFS) (in raw tons before processing) used to produce CFS products. Two reports are available:
- Quarterly Market Data Report, a statistical summary by region and application (structural and nonstructural products)
- Quarterly Nonresidential Volume Report, a statistical summary with comparative data for the nonresidential market and indicators of prevailing market sentiment
Get CFS reports at steelframing.org/market-data
Additional Resources
- CFS Framing Manufacturing Volume for 2023 Rises 9.7% from 2022 Levels, SFIA Says
- FAQ: What Are Resilient Channels, and What Is Their Purpose?
- SFIA Releases Guide to the Performance-Based Nonstructural Partition Selection of Metal Framing
- Sorting Apples from Oranges — Comparing Evaluation Services with Third-Party Certification
- SFIA Releases Updated Technical Guide with the Most Up-to-Date CFS Load and Span Tables in the Industry