Project Stress Index Closes April Up 1.5% to 116.0

Read this article to understand the level of U.S. nonresidential construction projects that have been delayed, on hold, or abandoned.

COMPOSITE OVERVIEW

The Project Stress Index (PSI) composite closed April 2025 at 116.0, marking a 1.5% increase month-on-month. This modest rise was primarily driven by a 4.6% increase in bid date delays, as well as a 1.5% increase in abandonment activity.

However, on-hold activity fell by 2.0%. Since the end of 2024, we have seen an 8% rise in bid date delays, a 46% increase in abandonments, and a 21% decrease in on-hold activities. Even with these changes, bid date delays, abandonments, and on-hold activity remain within or close to historic norms.

In contrast, same-month abandonment activity fell nearly 14% in 2024. While both bid date delays and on-hold activity increased, they remain well within historic norms.

Comparing April 2024 to April 2025, we see mild changes in bid date delays and on-hold activity for both months. We suspect the increase in abandonment activity has been partially worsened due to recent and volatile changes in trade policy.

 COMPONENTS MONITOR

Delay Bid Date 107.2	On Hold 90.7	Abandoned 150.1

(Month-on-month changes of less than 0.25% are indicated as unchanged)

The Project Stress Index Composite. A seasonally adjusted, equal-weight measure of delayed, on-hold, or abandoned projects. Image: ConstructConnect

SECTOR STATUS UPDATE

Public and private projects often exhibit distinct stress trends due to the different market forces influencing them.

April results reported an increase in bid date delayed activity across both sectors. In contrast, on-hold activity has diverged with public holds near pattern lows while private on-holds have moved towards their historic upper bounds.

Additionally, private sector abandonments climbed by 25% during April, closing in on multi-year highs. In contrast, public abandonments remain well within their historical norms.

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The Project Stress Index

About the Project Stress Index

The Project Stress Index (PSI) composite represents an equal-weight measure of the seasonally adjusted level of preconstruction projects that have experienced a delayed bid date, been placed on hold, or abandoned in the last 30 days. The PSI only monitors nonresidential and multifamily projects in their preconstruction phases, thus excluding any single-family home construction. Each component has been seasonally adjusted and then indexed against its 2021 average weekly reading. The independent tracking of each status type gives unique insights into market changes’ timing, direction, and amplitude. Additional information about the PSI, including detailed data about the individual readings for delayed, on-hold, and abandoned projects, can be found here.