Michael Latas & Associates
Construction Report - February 2023

Executive Summary

• Construction backlogs increased in January vs. December of 2022 and January of 2022 by 12.5% and down (2.2%) respectively
• Total construction backlogs increased from last month with industrial construction growing fastest
• Current backlogs are 9.0 months of work
• The United States gained 517K jobs in January from December while the construction industry gained 25K jobs vs. last month. 
  • The construction industry grew +3.9% vs. the prior year with all sectors employing more people
  • General contractors in non-residential grew and are employing 4.8% more people than the prior year
  • Specialty contractors grew and are employing 3.9% more people than the prior year
• All Contractors have more people employed than at this time last year and there are few people left to hire

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