This year’s housing resurgence is painting a rosier picture for the construction industry, according to The Equipment Leasing and Finance Association (ELFA). The recent surge in U.S. job growth, coupled with rising consumer confidence, seems to be bolstering the construction industry’s expectations about equipment sales this year. A recent poll revealed that 75 percent of the construction industry experts surveyed stated they expected to see at least a 3 percent increase in construction equipment sales this year – a 10 percentage point rise from last year’s survey. Twenty-four percent of those respondents forecasted sales would climb as much as 6 to 8 percent.
This expectation is partly due to U.S. Department of Labor’s Bureau of Labor Statistics estimations that the construction sector will continue to grow over the next several years. According to The American Institute of Architects (AIA) semi-annual Consensus Construction Forecast, 2014 spending on commercial and industrial construction is expected to grow by 10.7 percent, non-residential construction work is predicted to increase by 7.2 percent and institutional construction spending is estimated to swell by 4.7 percent.
Over three-fourths of industry experts polled responded that the best time to increase equipment inventory is during the first six months of 2013. Construction company owners looking to lease new or used equipment can contact National Funding for more information on an equipment leasing or financing option.