The ConstructConnect Project Stress Index (PSI), which tracks delayed bid dates, on-hold projects, and abandonments in preconstruction, dropped 0.6% in September 2025.
The September decline came from retreats in project abandonments and bid date delays.
On-hold activity surged 19.5% in September but remained historically low.
The Project Stress Index (PSI) closed September 2025 at 104.0, marking a 0.6% month-on-month (MoM) decrease from August’s reading.
The decline came from retreats in project abandonments and bid date delays, which fell 9.6% and 3.8%, respectively. In comparison, on-hold activity rose 19.5%, though it remained near historically low levels.
The Project Stress Index has risen negligibly compared to the same period last year, explained by a 10.7% year-over-year (YoY) increase in bid date delay activity offset by a 11.1% increase in abandonments and a small rise in on-hold activity.
Even though the readings are nearly similar for both periods, the underlying trends are different. September 2024 saw a Project Stress Index increase following yearly lows set in August, while September 2025 saw a yearly low following record highs recorded earlier this year.
Delay Bid Date96.5 |
On Hold92.2 |
Abandoned123.2 |
The ConstructConnect Project Stress Index composite chart is shown from November 2023 to September 2025. The PSI is a seasonally adjusted, equal-weight measure of delayed, on-hold, or abandoned projects. (Month-on-month changes of less than 0.25% are indicated as unchanged). Image: ConstructConnect
Public and private projects largely trended together in September. Bid date delays fell in both sectors, with private activity reaching near all-time lows. On-hold activity has increased slightly in public and private projects, with both sectors remaining above historic averages.
Abandonment patterns showed the only divergence, as the public sector saw a sharp decrease following a jump to record highs in August.
In contrast, private sector abandonments grew, remaining well below the spike recorded a few months ago. Despite opposing movements this month, both sectors remain near all-time highs in abandonment activity.
READ THE FAQs on The Project Stress Index
The Project Stress Index (PSI) composite represents an equal-weight measure of the seasonally adjusted level of preconstruction projects that have experienced a delayed bid date, been placed on hold, or abandoned in the last 30 days. The PSI only monitors nonresidential and multifamily projects in their preconstruction phases, thus excluding any single-family home construction. Each component has been seasonally adjusted and then indexed against its 2021 average weekly reading. The independent tracking of each status type gives unique insights into market changes’ timing, direction, and amplitude. Additional information about the PSI, including detailed data about the individual readings for delayed, on-hold, and abandoned projects, can be found here.