Nov. 19, 2012: Construction Backlog up 3.5 Percent in Third Quarter of 2012
WASHINGTON — Associated Builders and Contractors (ABC) reported that its Construction Backlog Indicator (CBI) expanded for the second consecutive quarter, up to eight months in the third quarter of this year, a 3.5 percent increase from the previous quarter. CBI is measured in months and reflects the amount of construction work under contract, but not yet completed.
“While the nation’s nonresidential construction activity is likely to remain subdued as we approach the final months of 2012, the CBI is signaling that nonresidential construction spending will accelerate by mid-2013,” said Anirban Basu, ABC chief economist. “However, this presumes the nation does not tumble over the fiscal cliff — a series of spending cuts and tax increases that kick in at the end of the year.