Construction contractors and equipment distributors are optimistic that local nonresidential construction activity will improve in 2013, according to a survey by Wells Fargo Equipment Finance Inc., a subsidiary of Wells Fargo & Company.
As part of its 2013 Construction Industry Forecast, Wells Fargo’s Construction Optimism Quotient (OQ) – the survey’s primary benchmark for measuring contractor and equipment distributor sentiment – is at 106 for 2013, marking the second consecutive year with an optimistic reading. An OQ over 100 is considered optimistic sentiment towards year-over-year improvement in local nonresidential construction activity.
“It’s great to see that contractors and equipment distributors expect non-residential construction activity in 2013 to retain the improvements they experienced in 2012,” said John Crum, senior vice president and national sales manager of the Construction Group at Wells Fargo Equipment Finance Inc. “For most parts of the country, we expect to see modest improvement in overall construction activity and contractors anticipate acquiring additional heavy equipment to support this activity. As a market leader in this industry, Wells Fargo is pleased by this continued optimism and remains committed to helping contractors, equipment distributors and manufacturers obtain the construction equipment financing and leasing they need in order to be successful.”