As The Economy Strengthens So Will Construction Spends in 2015
The construction market is still working to find it’s balance and as in our last report we still see the residential market leading the way but the good news is the commercial and the industrial markets are starting to gain some ground as it finally jumped up about one and a half percent in April 2014. Most things point to better times in the next 18 months.
Heavy engineering construction activity is estimated to see a nice increase through 2015. Expect increased federal funding for infrastructure projects to be coming soon, although the amount will be much less than that of what is necessary to repair and upgrade the country’s aging infrastructure. Public-private partnerships at the state and local level will provide additional funds for needed infrastructure projects, but still leave us well short of where we should be.
We have continue to see an increase in mobile office trailers rentals over the last three months and expect the trend to continue, illustrating that construction business continues to improve.
We’ve also learned from other resources that the construction industry is finally beginning to come out of its deep economic slump and that’s good news for workers and the economy. Take a look at the previous construction market conditions below showing growth from 2008 – 2013.