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Construction input prices decrease 1.2% in October, driven by lower energy, lumber, and steel prices

Construction input prices declined 1.2% in October on a monthly basis, according to an Associated Builders and Contractors analysis of U.S. Bureau of Labor Statisticsโ€™ Producer Price Index data released today. Nonresidential construction input prices fell 1.1% for the month.
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The average U.S. contractor has 8.4 months worth of construction work in the pipeline, as of September 2023

Associated Builders and Contractors reported that its Construction Backlog Indicator declined to 8.4 months in October from 9.0 months in September, according to an ABC member survey conducted from Oct. 19 to Nov. 2. The reading is down 0.4 months from October 2022. Backlog now stands at its lowest level since the first quarter of 2022.
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