Unemployment rates are strikingly lower through 2015 in the U.S. construction market compared to other markets and equipment purchases are on the rise. While 2015 might not be a record-setting year for the industry, signs indicate that the construction sector may continue with an upward trend for several years.
According to Jones Lang LaSalle, construction unemployment has declined 20 percent year-over-year since June 2014, and construction demand continues to grow.
Earlier this year, Wells Fargo released a forecasting report on the construction industry which included 2015 equipment purchases. The banking institution estimated an increase in new and used equipment purchases throughout 2015.
Also included in the Wells Fargo report was a two-year outlook from construction industry executives about the growth of the industry. Over 70 percent of executives polled felt that the construction industry would moderately or significantly expand in two years.
Forecasting commercial construction over the next 5 years
Longer term forecasts for the commercial construction industry are also moving upward between 1.7 percent and 3.1 percent over the next five years. Factors that will influence the drive in commercial construction will include improving economic conditions, an increase in consumer spending, and government investment in tourism, office, and retail buildings, according to the Timetric report: “Construction in the US – Key Trends and Opportunities to 2019.”
In order to do its part with the expanding commercial construction sector, GenFlex offers free hands-on training for GenFlex Distributors and Contractors to help keep them ahead of the competition. To sign up for training, fill out this form, or earn continuing education credits through GenFlex University.
For more information on GenFlex products and programs, visit www.GenFlex.com – or to request training on product-specific installation and maintenance practices, click here.