Project abandonments rose sharply across the country during March

2024-04-05T15:48:00-04:00

Project abandonments have spiked recently across the country, according to a new analysis of construction project data contained in the ConstructConnect Project Stress Index for the week ending on March 31st.

Construction Dive has more on the latest economic indicators impacting nearly every sector of commercial architecture, including the startling revelation that outright abandonments have increased by 60% from 2021 base levels.

“Not many months after interest rates started rising in early 2022, the private sector was quick to respond with greatly heightened levels of abandoned projects,” Michael Guckes, ConstructionConnect's senior economist, explained. “This volatility, coupled with overall elevated weekly readings, has continued with little exception through present.”

However, the total number of privately funded abandoned projects was down 10.7% compared with the same month las...

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Project abandonments rose sharply across the country during March