Analysts with Great American Group Inc. report that the heavy mobile equipment industry proved to be one of the bright spots of the domestic economy in 2013. This was driven in large part by the expansion of domestic oil and gas operations and rebounds in the commercial construction sector.
The heavy mobile equipment industry is also expected to show steady improvement in 2014. Advancements in the domestic marketplace will drive this growth, while foreign markets still experience some uncertainty.
"The various sectors of the heavy mobile equipment market demonstrated growth in the fourth quarter of 2013, and are expected to continue to do so in 2014," said Michael Petruski, executive vice president and general manager of Great American Group's Advisory and Valuation Services division. "While new regulations do present challenges, the domestic market for heavy mobile equipment is strong and dynamic, and continues to climb toward pre-recession levels."
Fracking has had a major impact on domestic manufacturers as the low-cost ethane found in these deposits has made the U.S. competitive on a global scale. These developments have spurred a number of new chemical and plastic construction projects to expand existing facilities and bring new processing and manufacturing plants online.