8
• Across the construction industry, contract values
decreased 13% compared to Q3 and Q4 of 2022; they
decreased 7% in 2023 as compared to 2022.
• Specialty contractors' contract values decreased 69%
compared to Q3 and Q4 of 2022; they decreased 27%
in 2023 as compared to 2022.
• Heavy highway and civil contractors' contract values
decreased 38% compared to Q3 and Q4 of 2022; they
decreased 45% in 2023 as compared to 2022.
• General contractors' contract values increased 20%
compared to Q3 and Q4 of 2022; they decreased 25%
in 2023 as compared to 2022.
Potential Impact
The decrease in contract values corresponds with the decline seen in project starts, although the
declines don't seem to be quite as dramatic—13% in Q3/Q4 and 7% year-over-year. Interestingly,
specialty contractors were the most hard hit, with a 69% decline in Q3/Q4, while heavy highway
and civil contractors fared slightly better with a 38% decline in Q3/Q4. General contractors
managed to increase their contract values 20% during the Q3/Q4 time period but still saw a 25%
decline year-over-year.
Contract
Value Trends
Construction Metric Index
Contract values across the
industry decreased 13%
year-over-year
13%
Construction Activity Index - Q3 & Q4 2023 ©Trimble Viewpoint, Inc. All Rights Reserved.
