Year-End National Construction Backlog Drops 1 Percent
The Associated Builders and Contractors’ Construction Backlog Indicator (CBI) for the fourth quarter of 2014 declined by 0.1 months, or 1%. Despite the quarter-over-quarter decline, the backlog ended the year at 8.7 months, which is still 4.4% higher than one year ago.
“Inconsistent growth in the volume of public work continues to suppress the pace of nonresidential construction; however, private construction momentum continues to build,” said ABC Chief Economist Anirban Basu. “With hotel occupancy rising, office vacancy falling and demand for data climbing exponentially, a number of key private segments are positioned for rapid growth in construction spending this year.