Associated Builders and Contractors’ Construction Backlog Indicator fell to 8.4 months in October, down from 8.6 months in September.
Meanwhile, ABC’s Construction Confidence Index readings for sales, profit margins and staffing levels increased in October. The readings for all three are above the threshold of 50, indicating expectations for growth over the next six months.
“While backlog declined in October, it remains at a healthy level and has been remarkably stable over the past year," ABC Chief Economist Anirban Basu said in a statement. “Like much of the economy, the construction industry remained in some semblance of a holding pattern in October as project owners continue to wait for election outcomes and for interest rates to decline further.”
Read the full report here.
