According to a Wells Fargo Construction Industry Forecast for 2014, optimism in the construction sector has risen to an all-time high this year. This is a major achievement considering the industry hit an all-time low just a few years ago in 2009.
Survey respondents polled for the Forecast cited “economic uncertainty” and “political uncertainty” as their main concerns for the industry, with the threat of rising interest rates and new regulations posing a possible risk as well. Overall, however, respondents were optimistic about the improving economic situation, anticipating growth for the construction industry.
According to additional information gathered by Reed Construction Data, infrastructure development is also getting a boost thanks to the expansion of other industries such as health care, higher education, leisure and travel, and more. With new initiatives like the Affordable Care Act, the increasing demand for more health care facilities is already evident as Urgent Care centers spring up across the country. And in Florida in particular, the state is seeing a strong tourism industry driving the need for more multi-dwelling buildings such as hotels. There is also a noted rise in demand for multifamily housing in residential areas – which is a trend being experienced in Florida, as well as the rest of the country.
With all of this data at hand, it’s clear to see that there is a growing need for construction companies and professionals as the economy continues to pick up. We also expect to see a rise in construction equipment sales to accommodate the growing sector. American Crane has a wide variety of products to serve construction contractors. For more information, please visit us online to learn more.