2022 Heavy Civil Construction Index: First Quarter
The first quarter 2022 Heavy Civil Construction Index showed increased optimism, climbing to 55.4 from 51.7 in the fourth quarter of 2021. This marks a full year of expansionary reporting and is a sign of strength after last quarter’s moderate decline.
Every component of the index showed improvement except cost of labor, which, alongside cost of materials, continues to weigh heavily on the index. Expectations for the economy and the engineering and construction (E&C) industry have improved slightly, as anticipated with the passage of the Infrastructure Investment and Jobs Act (IIJA). Likewise, backlogs are expanding, and some improvement in productivity is welcomed going into the new year.
Sentiment toward most heavy civil segments improved from last quarter, and the majority indicate short-term expansion. The outlook continues to waiver for public utilities, other heavy civil, transit/rail and aviation. Aviation and private utilities are the only two segments where the challenges may outweigh optimism going into the spring.
Download the report to get the full insights.
