Associated Builders and Contractors’ Chief Economist Anirban Basu forecasts continued momentum for the construction sector next year but advised an overall “wait-and-see” approach based on leading and lagging indicators and economic uncertainties. Although ABC’s Construction Backlog Indicator—a leading indicator that reflects projects under contract yet to be executed—climbed to nine months in August 2019, construction spending and employment—lagging indicators—have started to soften. Yet, while spending in private nonresidential categories such as office and logging has decreased, public spending categories remain a bright spot. “Indeed, one of the sources of strength for the U.S. economy over the last year has been … Read more