The foreseeable future appears bright for general contractors working in commercial and residential construction, according to a new study, 2018-2019 Vertical Market Series – Construction, released by the Equipment Leasing & Finance Foundation (Foundation). The study provides an outlook on U.S. construction market sector confidence, anticipated spending, and key developments and trends impacting this sector over the next one to two years. It is the first release of the Foundation’s new forward-looking 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, Foundation 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.”
The study draws from a wide range of sources to provide an outlook for the construction sector, including construction and architectural consultancies and trade groups, published industry forecasts, media reports, and analyses.