Construction contractors lost confidence during the month of June, according to the June 2019 Construction Confidence Index released by Associated Builders and Contractors (ABC). This lack of confidence stems primarily from nonresidential construction.
Despite the dip in sales, profits and staffing levels in June, the levels in the survey still remained in an expansive territory. About two-thirds of contractors predicted sales will rise in the next six months, and just under 60% expect staffing levels to increase. A bit more than half expect profit margins to expand as well.
"Economists near and far are searching for signs of the next economic downturn," said ABC Chief Economist Anirban Basu in a news release. " … Many economists continue to predict recession within the next one to two years. … What is perhaps most impressive is the expectation that profit margins will continue to rise."