Construction Backlog Indicator up by 3.9% in Q2
Associated Builders and Contractors (ABC) reported a 3.9% increase in its Construction Backlog Indicator (CBI) last quarter, representing 8.2 months of backlogged work, up from 7.9 months in the first quarter of 2013.
The CBI is a metric that details the amount of commercial and industrial construction work that is currently under contract and not yet completed.
“For several quarters, various surveys on nonresidential construction firms operating across the United States have indicated a growing sense of confidence regarding the near-term outlook,” said Associated Builders and Contractors chief economist Anirban Basu. “Now we know why: They’re getting busier."
Basu said that while the sporadic recovery of the nonresidentail construction industry is buoyed by jobs gains and the economic recovery at large, a full recovery still lies just beyond the industry's grasp.
Compared to 2012's second quarter, the backlog is up by 6.6%.
More details can be found on ABC's website.