Dive summary:
- Associated Builders and Contractors calculates a Construction Backlog Indicator, and it got to 8.2 months' of work in the April-June quarter, which is 3.9% above the Jan.-March number, but is still p[art of an economy that is expected to grow less than 2% this year.
- The indicator counts up work that companies have under contract and have not yet finished, whether or not they have begun it.
- The indicator was at 7.9 months in the first quarter. of this year, and it is 6.6% ahead of the second quarter of 2012.
From the release:
“For several quarters, various surveys on nonresidential construction firms operating across the United States have indicated a growing sense of confidence regarding the near-term outlook,” said Associated Builders and Contractors Chief Economist Anirban Basu. “Now we know why: They’re getting busier. ...