The industry downturn that started in early 2008 and blossomed during the financial collapse late last year has continued unabated throughout 2009 and shows little signs of changing. The optimistic attitude shared by many in the industry that an economic rebound is just around the corner slowly is giving way to the realization that the industry is in for a long recession.
The ENR Construction Industry Confidence Index (CICI) for the fourth quarter shows executives from 941 construction firms are not confident the recession will end anytime soon, although some see some evidence of a slow upturn in 2010. The index for the fourth quarter is marginally lower, standing at 31 on a scale of 100. This is a one-point decrease from the previous quarter’s level of 32 and a six-point improvement over ENR’s first-ever CICI of 25 for the first quarter.