The report said surveyors were still confident that output would expand over the next 12 months but they had been more gung-ho before.
The main threat to the industry appeared to be a slowdown in residential output caused by a weakening housing market and the effects of slower economic growth.
The report said there was also a modest drop in skill shortages as labour demand eased. Earlier shortages had led to wage increases that peaked in July at 6.8%, although this figure fell to 4.8%.