The Associated Builders and Contractors’ (ABC) Construction Backlog Indicator (CBI) increased to nine months during the first quarter of 2017, up 8.1 percent from the fourth quarter of 2016.

The CBI rose by 0.4 months, or 4 percent, on a year-over-year basis, according to ABC.

“This was a terrific report,” says ABC chief economist Anirban Basu. “For the first time in the series’ history, every category—firm size, industry and region—registered quarterly growth in CBI. Among the big winners were firms in the western United States and those with annual revenues between $30 million and $50 million per annum.”

He adds that some contractors have expressed concerns regarding construction conditions in 2019 or 2020.

“These concerns are rooted in a number of factors, including the already lengthy duration of the economic recovery, evidence of saturation in certain commercial real estate markets, weak momentum in numerous public spending categories and tightening monetary conditions,” says Basu. “However, first quarter 2017 CBI strongly suggests that rumors of the business cycle’s demise are exaggerated, at least thus far. “

Surging financial markets helped support activity in financial centers like New York, Philadelphia and Boston, according to ABC. Expanding cyber-security and life sciences activity supported markets as geographically diverse as Washington/Baltimore; Austin, Texas; Silicon Valley, Calif.; and Seattle, the CBI reported.

Though backlog is slightly lower in the South year-over-year, it continues to report the lengthiest backlog at 9.8 months. Many commercial construction markets remain very active, including Atlanta, Miami and Tampa, Fla.

Backlog in the West was up by a notable 26 percent during the quarter. Part of this was due to statistical payback after a surprisingly weak fourth quarter. “However, this is also a reflection of the rapid commercial growth in Seattle, Denver, Silicon Valley, San Diego, Phoenix and other population growth hotspots,” ABC reports.

Higher oil and natural gas prices helped to drive CBI higher in the Middle States. Backlog in the region expanded by 10 percent during the first quarter, and now stands at a healthy 8.5 months. Chicago continues to be a weak spot, however, registering slow job growth relative to other major U.S. metropolitan areas in recent quarters.

Backlog in the Northeast rose to 8.7 months during the first quarter. Backlog is up by almost half a month over the past year. The New York and Boston metropolitan areas remain particularly active.

Backlog in the commercial/institutional segment rose by more than 11 percent during the first quarter, and now stands at nearly nine months. Commercial/institutional backlog expanded to 8.9 months, matching its highest level since the third quarter of 2014. “Though there are growing concerns regarding overbuilding in a number of metropolitan areas, and retail stores continue to close in large numbers, increases in office and hotel construction are helping to propel this category forward,” according to ABC.