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By:
Michael Guckes, Chief Economist
October 31st, 2023
Project Stress Index registered 120.2, indicating that last week’s project stress conditions were 20.2% above their 2021 average level.
By:
Michael Guckes, Chief Economist
October 23rd, 2023
Project Stress Index Moves Higher On Rising Abandoned Project Readings: 122.7, +3.4%
By:
Michael Guckes, Chief Economist
October 16th, 2023
COMPOSITE OVERVIEW: The project stress index composite represents an equal-weight measure of the seasonally adjusted level of pre-construction projects that have experienced a delayed bid date, have been placed on hold, or have been abandoned in the last 30-days. For the week ending October 15th, 2023, the Index registered 118.3, signaling a stress level approximately 18% above the average 2021 weekly reading. The Index decreased by 0.5% week over week resulting primarily from a decline in the level of bid date delayed projects. This movement overshadowed minor changes in the level of on hold and abandoned project levels. The latest result ends a two-month long trend of sequentially higher stress readings in which abandoned and on hold projects grew rapidly. Additional weeks of measurements will determine if this week’s pause in rising stress readings represents a temporary pause in a broader run-up, a plateau, or the beginning of a decline in construction stress.
By:
Michael Guckes, Chief Economist
October 9th, 2023
COMPOSITE OVERVIEW: The project stress index composite represents an equal-weight measure of the seasonally adjusted level of pre-construction projects that have experienced a delayed bid date, have been placed on hold, or have been abandoned in the last 30-days. Compared to the average level of project stress in 2021, today’s stress level is almost 19% higher. The week’s composite result increased by 0.5% from a week ago due to a 5% increase in projects placed on hold. This increase overshadowed small declines in delayed and abandoned project levels. The composite’s current reading is its highest since late April 2023. The latest absolute count of abandoned projects marked the series’ third highest reading since 2020. After seasonal adjustment though the figure was less concerning as it is customary for abandoned counts to temporarily surge during the second half of the calendar year.
By:
Michael Guckes, Chief Economist
October 4th, 2023
Can public spending continue to play the role of industry backstop while public finances steadily become untenable?
By:
Michael Guckes, Chief Economist
October 4th, 2023
According to the Federal Reserve Bank of Atlanta’s wage tracking data through August 2023, job switching no longer pays the considerable premium that it did as recently as the first half of this year. Measured as the three-month moving average of median wage growth in hourly pay, August’s results indicated 5.2% and 5.6% wage growth for job stayers and switchers respectively across all industries. At the peak of the wage growth disparity in mid-2022 job switchers experienced nearly 3% greater wage growth relative to job stayers. The collapse of this premium has come about entirely from the decline in the wage premium being offered to switchers in 2023.
By:
Michael Guckes, Chief Economist
October 2nd, 2023
COMPOSITE OVERVIEW: The project stress index composite represents an equal-weight measure of the seasonally adjusted level of pre-construction projects that have experienced a delayed bid date, have been placed on hold, or have been abandoned in the last 30-days. Compared to the average level of project stress in 2021, today’s stress level is 18.5% higher. The week’s composite result increased by 3.3% from a week ago as rising abandoned project activity more than offset small declines in delayed and on hold activity. The composite’s current 5-month high reading is the result of elevated delayed and abandoned activity in contrast to the previous high which stemmed from higher on hold activity.
By:
Michael Guckes, Chief Economist
September 26th, 2023
COMPOSITE OVERVIEW: The project stress index composite represents an equal-weight measure of the seasonally adjusted level of pre-construction projects that have experienced a delayed bid date, have been placed on hold, or have been abandoned in the last 30-days. Compared to the average level of project stress in 2021, today’s stress level is 14.8% higher. This week’s composite result increased 5.7% from the prior week due to a 12-point and 7-point increase in abandoned and on hold projects respectively. The seasonally adjusted reading of delayed bid date projects was unchanged. The latest composite reading is the highest since mid-May of this year when a short-lived but severe increase in the level of abandoned and on hold projects elevated the composite reading.
By:
Michael Guckes, Chief Economist
September 15th, 2023
Many contractors remain bullish on multifamily housing demand; this risks an oversupply problem--especially for luxury and high-end developers at a particularly dangerous time.
By:
Michael Guckes, Chief Economist
September 12th, 2023
Data for the week ending September 9th reported mixed results with delayed projects both rising in the latest week as well as being revised higher in the prior week. Additionally, the level of on hold projects moved lower for a second week while abandoned projects were unchanged. Since mid-year, weekly results have pointed to an upward rise in the number of private projects reporting some form of project stress relative to public projects. This divergence in project behavior reinforces our past recommendation that contractors diversify their revenues streams by sector, vertical and geography if possible in order to minimize their company’s dependence on any single segment within the greater construction industry.
Not sure of who to contact? Feel free to write us a message or you can call us directly at 877-794-6091.