The Construction Backlog Indicator, compiled by the Associated Builders and Contractors, reached its highest level since the index was launched in the first quarter of 2009.

The latest CBI for the third quarter of 2014 shows an average 8.8 months of backlog, which is 6.9% higher than the same quarter of 2013. "Every region of the nation experienced expanding backlog during the third quarter and so did every industry segment," says Anirban Basu, ABC's chief economist. "The last two quarters tell a positive story that non-residential building contractors are positioned to get busier," he adds.

The average backlog was up about two months in both the Northeast and West regions. "Lending conditions are easing, and the stock market [is] booming," Basu notes.