Associated Builders and Contractors (ABC) reports that its Construction Backlog Indicator (CBI) contracted to 8.8 months during the first quarter of 2018, down 9% from the prior quarter. CBI is down 2% on a year-over-year basis.
“The Construction Backlog Indicator hit an all-time high during the fourth quarter of 2017,” said ABC Chief Economist Anirban Basu. “A number of factors pushed backlog lower during the first quarter of 2018, including an extensive winter. Only one region has experienced a decline in backlog on a year-over-year basis: the Middle States, which encompasses the Upper Midwest.
