By: Michael Brady and Jeremy DeGrande
Construction in manufacturing and infrastructure remains strong, while the commercial sector is lagging, according to Engineering News-Record’s 2023 2Q survey of its Top 400 Contractors. And despite the Federal Reserve’s efforts, respondents reported concern regarding the general economic outlook. However, contractors remain busy — many report a higher-than-normal backlog of projects and demand for their services. These conditions add up to a competitive construction market with some unprecedented stressors.
Current market conditions
ENR surveyed construction executives between May 15 and June 26 and published its report in July 2023. Using the results, the publication rated the current market outlook a 40 on its 100-point Construction Industry Confidence Index, which quantifies how confident these executives feel about the state of the market now, in three to six months, and in 12 to 18 months. This rating is down four points from the previous quarter.
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