The construction industry is continuing to perform well, according to ongoing and recent reports. When considering heavy equipment sales for boom lifts, and other equipment used in this industry, combined with equipment rentals, parts and services, as well as the considerable number of general contractors working on projects, this is not surprising.
This industry includes construction workers, construction business owners, project managers, and general contractors as well as other specially-trained individuals that work in heavy construction equipment repair services.
These personnel need large commercial machines for a variety of projects that include industrial construction and building new housing subdivisions.
The United States Construction Market
The United States construction industry has over 7.8 million production workers. In 2010, the National Association of Home Builders reported that there were 8.7 million people in the United States that were in the business of constructing commercial, industrial, and residential buildings.
The United State’s market share is approximately 10%; when considering the global market, it represents the second largest market share.
Post-recession figures from Dodge Data and Analytics showed that green building in the residential area accounted for 26%-to-33% of that specific market’s growth. This is significant because residential green building has proven to be one of the factors that has aided in post-recession financial recovery.
Furthermore, Dodge Data and Analytics predicted that there would be a 20% increase in single-family home construction in their 2016 Construction Outlook. In addition, an expected gain of 7% was predicted due to the increase in 2016 construction projects. Prior to this, there were several years which experienced a 10% or larger increase.
Approximately 6% growth was predicted in the Dodge Data and Analytics’ 2016 Construction Outlook report. The approximate value of these new construction projects was estimated at $712 billion.
The United States Construction Machinery Manufacturing Industry
There are 50 companies in the United States construction machinery manufacturing industry that generate 90% of the industry’s revenue. This includes heavy equipment such as boom lifts, hydraulic dump mixers, mini excavators, telehandlers, sweep trucks, and wheel loaders.
The Global Construction Market Industry
Predictions for 2015 indicated that the global construction equipment market would be the equivalent of approximately $145.5 billion dollars in United States currency.