2023 Heavy Civil Construction Index: Second Quarter
The Heavy Civil Construction Index improved in the second quarter, rising to 55.5 from 51.3, the second consecutive increase this year. All four economic measures (overall economy, economy where we do business, our engineering and construction business, and engineering and construction where we do business) showed improvement.
Key findings include:
- 51% of respondents are adding backlog quicker than they are burning it.
- 89% said margins are the same or better than a year ago.
- 61% of respondents indicated competition was increasing, down from 67% in the last quarter.
- 15% experienced subcontractor defaults in the last 12 to 14 months, but 90% said those defaults were higher than normal.
