8
• Across the construction industry, contract
values decreased 48% compared to Q2 of 2022.
• Heavy highway and civil contractors' contract
values decreased 60% compared to Q2 of 2022.
• Specialty contractors' contract values
decreased 45% compared to Q2 of 2022.
• General contractors' contract values
decreased 20% compared to Q2 of 2022.
Potential Impact
Contract values also saw substantial declines last quarter, which is typical when declines
are seen with project starts since they are largely dependent on one another. Heavy highway
and civil contractors saw the most pronounced declines, which was followed by specialty
contractors and general contractors.
The fact that specialty contractors experienced a steeper decline in contract values
could back up the theory that they are relying more on service vs. project work, which
is more consistent but typically lower in value.
Contract
Value Trends
Contract values across the
industry decreased 48%
year-over-year
48%
Construction Activity Index - Q2 2023 ©Trimble Viewpoint, Inc. All Rights Reserved.
Construction Metric Index
