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Commercial Construction Index Shows Surge in Confidence
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Results from the Q2 2019 USG Corporation + U.S. Chamber of Commerce Commercial Construction Index (Index) indicate that more than half of contractors are highly confident the market will provide sufficient new business opportunities in the next 12 months.
Overall, the Q2 composite score of 74—up two points from 72 in Q1—shows a vibrant commercial construction sector, although contractors’ revenue expectations slightly decreased.
More than half of contractors (52%) are highly confident about the ability of the market to provide new business opportunities in the next 12 months, an 11% increase over last quarter’s findings. The backlog ratio—comparing contractors’ average current backlog of projects to the ideal amount of work companies would like to take on—reached 82, the highest since the CCI launched in 2017. Hiring expectations also recovered between Q1 and Q2 2019, with most contractors (60%) anticipating employing more people in the next six months.
Additional data further shows the positive state of the industry, with 60% of contractors reporting confidence that revenue will remain stable. They also expect access to capital to continue, with 66% believing access to financing will get easier or remain the same over the next six months.
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