Referencing their Construction Confidence Index, Backlog Indicator and recently released Bureau of Economic Analysis reports, ABC didn't have much positive to say in their construction economic forecast. Multiple construction sectors are being hit hard by COVID related impacts and uncertain futures as a result of ever changing case and mortality numbers.
According to their own economic analysis, AGC reports almost 2/3 of metro area experienced decreases in construction employment numbers. About 1/4 of metro areas experienced increases in construction employment with the remaining areas experiencing stagnant employment numbers. In general, employment is lagging from 2019 numbers even with a rebound in May and June.
Many contractors still have substantial, if shaky, backlog in place. Even with contracts in place and projects upcoming, significant concern over potential project cancellation persists and impacts overall contractor confidence and optimism.
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