Construction Market Report Fall 2023

After a long period of hyperinflation, the construction industry is seeing prices starting to settle down, albeit with pressures in certain areas.

• The Construction Confidence Index (CCI) has risen by 6 points to 46 points but is still below 50. A rating above 50 indicates a growing market.
• The Architectural Billing Index (ABI) has declined in all 4 regions of the county. The current rating is at 44.6, below the growth threshold of 50, indicating a decline in architectural services and a slowing construction market ahead.
• Interest rates remain high, putting a damper on construction activity in many sectors. The feds indicate they may raise rates ¼ point more in the near future, so it is unlikely that rates will come down until late 2024 or into 2025.
• Lumber and steel prices are both significantly lower than one year ago.

Download the full Fall 2023 Market Conditions Report below for more insights and detailed information on today’s construction market.