The construction industry has been suffering for two years through the toughest recession in 20 years, perhaps longer. The depth of the downturn has burned away the industry’s natural optimism, and major firms are taking a hard look at the market and at the U.S. economy. However, they now are starting to believe that a recovery should begin next year.
The ENR Construction Industry Confidence Index (CICI) for the first quarter of 2010 shows that executives from 705 construction and design firms are not confident the recession will end in 2010 but that recovery will commence a slow and steady climb this year and into 2011. The index for the first quarter of 2010 rose to 34 on a scale of 100. This is a three-point increase from the previous quarter’s level of 31 and a nine-point increase over the CICI for the first quarter of 2009.