2023 CIRT Index: Second Quarter
The CIRT Sentiment Index is down slightly in the second quarter of 2023, falling to 52.8 from 53.3 in the first quarter. The Design Index rose to 68.5 from 66.8 in the first quarter, indicating there is slightly more optimism about projects that haven’t reached the construction phase.
Key findings on current issues include:
- 87% of respondents expect that lending standards will tighten due to recent banking failures.
- 36% of respondents experienced subcontractor defaults within the past two years.
- Nearly two-thirds of respondents recently changed their hiring policies to respond to the desire to become more inclusive, diverse and equitable, with few being met with push back, discontent or legal challenges.
