For 2WD tractors, June U.S. sales in the 100-plus HP category increased 16%, under-40 HP tractors grew 15%, and 40-100 HP 2-wheel drive tractors gained 4%.
Sales of commercial and consumer equipment, 2WD tractors less than 100 horsepower and hay tools showed sales increases in May compared with April. Sales of hay tools have increased year-to-date.
The study, commissioned by the Equipment Leasing & Finance 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%.
Total U.S. sales of 2WD tractors for May gained 17% compared to May 2017, bolstered by gains of 20% in both the 100-plus horsepower and under-40 horsepower categories, according to the latest data from the Assn. of Equipment Manufacturers.
The Bureau of Economic Analysis reports disposal personal income reached an all-time high in April 2018. However, the recent monthly consumer sentiment report from the University of Michigan showed the lowest reading in 4 months.
Thirty-six percent of principal farm operators were at least 65 years old, compared with only 14% of self-employed workers in non-agricultural businesses.
Trucking expenses have been climbing in recent months in the U.S. amid a shortage of big-rig drivers, and fuel is becoming more expensive. Also hitting Deere is the recent increase in prices for steel and aluminum.
HBK CPAs & Consultants is compiling and analyzing information as part of the 2017 OPE Cost of Doing Business Study. The study will assess the financial performance and condition of outdoor power equipment dealers for 2017 based on the data received by all participating dealers.
According to the Assn. of Equipment Manufacturers' latest report, U.S. sales of 2WD tractors in the 40-100 horsepower range were up 7.4% in April and up 2.2% year-to-date. In Canada, sales for 2WD tractors less than 40 horsepower were up 5.2% in April and up 3.9% year-to-date.
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