Although CFMA CFOs see a brighter outlook for 2025.

The results of this quarter’s Construction Industry Confidence Index survey show a dip in confidence among construction industry executives.

For the first time since Q1 of 2022, construction industry executives report a stable and slightly growing market on ENR’s Construction Industry Confidence Index (CICI) survey.

Despite a surprisingly strong economy, construction industry executives report that they enter 2024 with much of the same trepidation they faced at the start of 2023.

ENR’s Construction Industry Confidence Index rose this quarter to its highest rating since Q1 of 2022, up six points to a nearly stable 46 rating.

ENR’s Construction Industry Confidence Index fell four points this quarter, to a rating of 40. Confidence in the current construction market is virtually unchanged, but execs have become more pessimistic about the short- and medium-term future.

With the economy so far navigating through recession risks, ENR’s Construction Industry Confidence Index shot up 11 points this quarter to a cautiously pessimistic 44 rating, with 68% of survey respondents seeing the current market as either stable or improving, up from 62.7% last quarter.

Recession fears continue to loom as the first quarter comes to a close. Inflation remains an ongoing issue, while recent failures in the banking sector pose additional threats.

Over the past few years, the second quarter has been a time of reckoning for ENR’s Construction Industry Confidence Index.

ENR’s Construction Industry Confidence Index remained steady in Q1, rising slightly to a rating of 61, a one-point bump from the final quarter of 2021. The index had fallen the previous two quarters.