Contractors in the construction industry lost confidence during 2018's third quarter, but moving into the near future, many regained a sense of optimism, according to Associate Builders and Contractors' (ABC) latest Construction Confidence Index (CCI).
The index claims about 75% of construction firms expect sales will see an uptick through the end of 2018 and beginning of 2019 while only about 10% expect sales to drop in 2018's Q4 and 2019's Q1.
The CCI for sales expectations dropped four points, profit margin expectations fell about one point and staffing levels also fell by about one point during the third quarter of 2018. Despite these drops, there is still room for optimism, said ABC Chief Economist Anirban Basu in a statement.
"Growing concerns among construction executives are not attributable to a sense that construction spending will decline anytime soon," Basu said. "A variety of indicators, including ABC's Construction Backlog Indicator, suggest that the average U.S. contractor stands to become a bit busier during the months ahead."
—Christie Citranglo, editorial associate