7
• New projects across the industry decreased 35%
compared to Q3 and Q4 of 2022; they decreased 28%
in 2023 as compared to 2022.
• New projects for heavy highway and civil contractors
decreased 74% compared to Q3 and Q4 of 2022; they
decreased 73% in 2023 as compared to 2022.
• New projects for general contractors decreased 27%
compared to Q3 and Q4 of 2022; they decreased 32%
in 2023 as compared to 2022.
• New projects for specialty contractors decreased 20%
compared to Q3 and Q4 in 2022; they decreased 14%
in 2023 as compared to 2022.
Potential Impact
The decrease in project starts across the industry demonstrates that many contractors aren't
starting as many projects as they did during the same time the year before, or even as compared
to the year prior. This is most pronounced with heavy highway and civil contractors who saw the
largest decline—74% in Q3/Q4 2023 as compared to Q3/Q4 in 2022. General contractors saw lower
declines (27%) while speciality contractors saw the lowest declines (20%). Most of these declines
were similarly reflected year-over-year as well.
This could demonstrate a general softening in economic conditions as contractors are waiting
for projects to begin, particularly heavy highway and civil contractors, many of whom are
dependent on government funding. This could be indicative of the slow rollout of funding from the
Infrastructure Investment and Jobs Act, which is still in the process of being distributed nationwide.
Project
Trends
New projects across the
industry decreased 35%
year-over-year
35%
Construction Metric Index
Construction Activity Index - Q3 & Q4 2023 ©Trimble Viewpoint, Inc. All Rights Reserved.
