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International property and construction consultancy Rider Levett Bucknall recently released its latest for North America, and it suggests an impending slowdown for the industry.

The report for the third quarter shows the Construction Industry Confidence Index (CICI) is 51, a drop of seven points from the second quarter of 2019 and a drop of 19 points year-over-year. That figure is precariously close to the 50-point mark, which is widely considered the threshold for negative sentiment about industry growth, according to the report.

鈥淲hile it is expected that construction will face a downturn in the next year or so, this doesn’t necessarily mean that the construction market is in trouble,鈥� Rider Levett Bucknall stated in the report. 鈥淚t does mean a slowdown over the next 12-18 months, which may seem like a recession after the frantic pace of the last few years.鈥�

The national average increase in construction costs for the third quarter was approximately 1.3 percent. San Francisco (1.87 percent), Honolulu (1.66), Chicago (1.65) and Seattle (1.57) had cost increases above the national average for the third quarter. Portland’s increase was 1.07 percent.

Meanwhile, construction unemployment for the second quarter (the most recent with numbers available) of 2019 fell to 4 percent from 5.2 percent in the first quarter.