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With the economy so far navigating through recession risks, ENR’s Construction Industry Confidence Index shot up 11 points this quarter to a cautiously pessimistic 44 rating, with 68% of survey respondents seeing the current market as either stable or improving, up from 62.7% last quarter.
Recession fears continue to loom as the first quarter comes to a close. Inflation remains an ongoing issue, while recent failures in the banking sector pose additional threats.
ENR’s Construction Industry Confidence Index remained steady in Q1, rising slightly to a rating of 61, a one-point bump from the final quarter of 2021. The index had fallen the previous two quarters.
The long awaited Infrastructure Investment and Jobs Act has been passed, but construction market confidence has continued to dip among industry executives.
Worries over price inflation and persistent labor shortages have cooled optimism among construction execs, but overall confidence in the market remains strong.
The first six months of 2021 have seen big materials cost hikes, increasing labor shortages and uncertainty over federal action on a major infrastructure package.