Dive Brief:

• The Project Stress Index — a measure of construction projects with a delayed bid date, or that have been paused or abandoned — rose 1.7% in the last 30 days, according to a March report from ConstructConnect, a Cincinnati-based provider of construction information and technology solutions.
• Work put on hold increased 11% over the previous 30 days through March 2, said Michael Guckes, senior economist at ConstructConnect. Compared to the same period in 2023, the project stress index remains up 13%, added Guckes, signaling ongoing uncertainty within construction.
• “At some point the market needs to rebalance and find its steady state. When this happens I believe the PSI trend will return to a generally horizontal orientation once again,” said Guckes in an interview. “Unfortunately, this may not happen quickly given the Fed’s latest decision to keep rates elevated.”