8
• Across the construction industry, contract values
decreased 25% compared to Q1 of 2022. However,
month over month, February to March increased
by 65%.
• General contractors' contract values decreased
61% compared to Q1 of 2022. February to March
decreased by 20%.
• Heavy highway and civil contractors' contract
values decreased 55% compared to Q1 of 2022.
February to March increased by 41%.
• Specialty contractors' contract values decreased
28% compared to Q1 of 2022. February to March
decreased 13%.
Potential Impact
Contract values usually decrease alongside projects: fewer projects means more
competition and thus more competitive pricing, so it's not surprising to see that contract
values decreased in Q1.
This was most pronounced with heavy highways and civil contractors, as well as with
general contractors, who all saw substantial decreases. Specialty contractors fared better,
likely because they typically rely more on service versus project work.
Contract
Value Trends
Construction Metric Index
Contract values across the
industry decreased 25%
year-over-year
25%
Construction Activity Index - Q1 2023 ©Trimble Viewpoint, Inc. All Rights Reserved.
