2023 Heavy Civil Construction Index: Fourth Quarter
The fourth quarter 2023 Heavy Civil Construction Index declined to 52.6 from 56.1, marking the first decrease since the second quarter of 2022. All four economic measures that we track saw a decline, including the engineering and construction sector where respondents do business.
This quarter we asked about technology utilization. Key findings include:
- Fewer than 30% of respondents rate their current level of technological advancement as high or very high.
- Nearly 50% plan to invest in new project management and fleet and equipment optimization software in the next three years.
- One in 5 are currently using artificial intelligence or machine learning in their operations.
