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Construction Confidence is Low, Firms Anticipate a Slow Recovery
Confidence in the construction market is at 25 on a scale of 100, according to a new quarterly Construction Confidence Index.
Conducted by Engineering News-Record and McGraw-Hill Construction Research & Analytics, the index measures industry sentiment about the construction market, including market sectors, expectations and trends. A value of 100 indicates all respondents report "improving" activity and a value of 50 means all respondents report "stable" activity.
When assessing the construction market, 86 percent of survey responders, including general contractors, subcontractors and designers, see it currently declining, and most believe the market turnaround is at least 12 to 18 months away.
Employment figures are also grim: 62.3 percent of firms reported they have laid off people in the past six months, with one in 10 saying that over 20 percent of all staff had been cut; 35 percent expect further cutbacks.
However, 61 percent of respondents said the stimulus bill will have a positive impact on the industry.
The next quarterly survey will be available in July 2009.