HVAC Breaking News / New Construction Market

June 7, 2013: Nonresidential Construction Index Hits Record High

Two Point Improvement in the Second Quarter

RALEIGH, N.C. — FMI, a leader in management consulting and investment banking for the engineering and construction industry, has announced the release of its 2013 second quarter Nonresidential Construction Index (NRCI) report. The NRCI score of 60.1 is a two point improvement over the first quarter and is the highest score for the index since its inception in the first quarter of 2009.

According to FMI, this is not a bullish trend yet, but it demonstrates that the nonresidential market continues an upward push. However, the index for the overall economy rose 7.9 points and the combined index sentiment for economies where panelists are doing business rose 5.8 points. Current issues for the second quarter NRCI include the effects of sequestration on public and private construction. The majority of the respondents expect only a 0 to 4 percent reduction in their public works projects due to sequestration.

Panelists also responded to questions about potential labor shortages after losing more than 30 percent of the construction labor force during the recession. The majority reported few labor shortages at this time. Looking at a year from now, 22 percent of panelists expect severe shortages for construction laborers, as well as shortages for select trades.

Publication date: 6/3/2013

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