After gaining ground earlier in the year, average construction backlogs remained stagnant in the final quarter of 2012, according to quarter-to-quarter data compiled by the Washington, D.C.-based Associated Builders and Contractors (ABC). Nevertheless, backlogs are up 2.4% as compared to the same period last year.
Fourth-quarter averages reflected a variety of conditions, including “fiscal cliff fears, highly constrained public capital budgets and lackluster macroeconomic growth,” says ABC Chief Economist Anirban Basu. “However, backlogs did not decline, suggesting that nonresidential construction spending is likely to remain flat during the initial months of 2013 and then possibly trend higher during the latter part of the year.”