The Equipment Leasing & Finance Foundation released a study examining the construction industry which says the future is bright for general contractors working in commercial and residential construction.
The study provides an outlook on U.S. construction market sector confidence, anticipated spending and key developments and trends impacting the sector over the next 1-2 years. It is the first release of the foundation’s new vertical market series designed to help readers recognize and understand key trends that may affect their businesses.
The study, commissioned by the foundation and prepared by ORC International, indicates that the all-time high in construction spending in 2017 will carry through in 2018, with predicted U.S. construction industry growth of 5%.
It examines issues impacting the sector, including labor shortages, trade tariffs, corporate tax rate reductions, equipment acquisitions and technological developments.
“The new foundation construction study is comprehensive, yet concise, making it an ideal information resource for construction industry managers and business owners,” said Tom Ware, ELFF research committee chair.
“We look forward in the coming months to delivering additional vertical market studies that leverage industry research, subject matter expertise and analyses for business decision-making.”