While the US Chamber of Commerce Commercial Construction Index for the third quarter of this year rose from the second quarter—to 57 from 56—the new score remains markedly lower than results from before Coronavirus-induced shutdowns. In the first quarter of 2020, the Index score was 74.
Still, some glimmers of hope can be found in two components of the Q3 Index—confidence in the construction market and revenue expectations—both of which increased over the second quarter, while the backlog of projects fell.
Confidence rose by six points to 56 as 82% of contractors expressed “moderate to high confidence that the US market will provide sufficient new business opportunities in the next 12 months.”
At the same time, contractors are optimistic about money coming in. Revenue expectations moved up four points from the second quarter to 48 as projects that were stalled because of the shutdowns were restarted. However, the score was 70 in the pre-pandemic first quarter. Read more.