The construction market is cyclical, but the recent growth cycle is in its tenth year, one of the longest on record. However, all good things come to an end, and industry execs increasingly believe that growth will end in 2020.
The growing sense that a downturn is in the offing can be seen in the latest results of the ENR Construction Industry Confidence Index survey. The CICI fell seven points to 51 in the third quarter of 2019 from the second quarter of 2019. Of the 239 executives from large construction and design firms responding to the survey, many believe the market’s growth is beginning to slow and it may begin declining by the end of this year.