The CIRT Sentiment Index turned upward in the first quarter of 2023 after five consecutive quarters of decline, while the Design Index increased strongly from last quarter. Index components illustrate improving sentiment toward the U.S. economy, the local economies where CIRT members operate, and the overall nonresidential sector.
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CIRT Sentiment Index scores were down slightly for the fourth quarter but remain mostly in line with last quarter’s results. The overall index score fell to 51.0 from 51.4, and the Design Index fell to 57.1 from 59.4. This report represents the fifth consecutive quarterly decline from third quarter 2021 highs.
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The 2022 fourth quarter Heavy Civil Construction Index rose to 50.8 from 48.4 and returned to expansionary territory. Expectations for the overall U.S. economy and local economies where respondents conduct business improved, but remain mostly pessimistic. This quarter current issues focused on backlog sensitivity, project start delays and alternative procurement opportunities.
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The recession and the eventual recovery will be uneven across engineering and construction sectors, and we're seeing that some will grow, while others will see their business models shift dramatically. At FMI, we're beginning to talk about this as the new economy versus the old economy.
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Construction is undergoing a shift during the current economic cycle. Discover insights into which sectors stand to gain and which don't from the current shift.
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The third quarter 2022 Construction Industry Round Table (CIRT) Sentiment and Design Index scores fell dramatically from last quarter, representing the fourth consecutive decline from highs set in 2021. Discover insights on current topics, such as expectations for a recession, supply chain impact and more in our third quarter 2022 CIRT Sentiment Index.
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A recession is coming and many are wondering how long and how severe the downturn will be. In this paper, we outline three potential recession scenarios and how that will impact the engineering and construction industry.
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There are looming challenges in the E&C industry with uncertainty over geopolitical, manufacturing, supply chain and economic dynamics and the availability of skilled labor. Unsurprisingly, risk management is top of mind, according to the 2022 AGC/FMI risk survey.
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The second quarter 2022 Construction Industry Round Table (CIRT) Sentiment and Design Index scores fell for the third consecutive period from highs set in the third quarter of 2021. Discover insights on current topics, such as backlogs, capacity, hiring goals, safety and other topics in our second quarter 2022 CIRT Sentiment Index.
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As inflation continues to rise, pushing the price of doing business up for everyone, understanding the economic environment is critical. Get insights from our market research team in this paper.
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