The Associated Builders and Contractors (ABC) Construction Backlog Indicator fell to 7.7 in August, according to a member survey performed in the second half of the month. The figure is down by 0.8 months from July’s 8.5-month backlog, and it is 0.3 months lower than the reading in August 2020 of 8 months.
“Both contractor backlog and confidence have begun to fade,” said Anirban Basu, chief economist at ABC, in a press release. “Higher materials prices and labor costs have conspired to put more projects on hold. In many instances, expanding costs have rendered projects infeasible."