Uncertainty pervades the economy these days and the construction industry reflects that with unemployment lower, varying strength among sectors and constant concern about the rate of interest rate increases and the soundness of the banking system.

Overall construction input prices are 7.9% higher than a year ago, while nonresidential construction input prices are 7.6% higher.

The increase in backlog observed in November is largely attributed to contractors with under $30 million in revenue, which now have their highest level of backlog in over three years. 

On a seasonally adjusted annualized basis, nonresidential spending totaled $898.4 billion for the month.

Concerns over the economy worsen while workforce challenges persist.

Alan Beaulieu, Principal, ITR Economics, covers numerous topics pertinent to the boiler sector, including infrastructure spending, the upcoming midterm elections, the worker shortage, and more.