Dive Brief:
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Construction equipment manufacturing made a quicker recovery after the recession than the U.S. economy in general, a report from Inforum at the University of Maryland and the Association of Equipment Manufacturers reveals.
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After domestic demand for construction equipment fell 50% in 2009, the industry has grown by more than 20% a year since then, according to the research. Manufacturers rang up $52 billion in domestic sales of bulldozers, pavers, cranes, backhoes, dump trucks, power tools and other equipment in 2013.
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Almost 73,000 Americans work in construction equipment manufacturing in jobs with an average salary of more than $72,000 a year, the report notes.
Dive Insight:
The study’s authors credit pent-up demand for equipment, along with available credit and low mortgage rates, for the industry’s recovery. They also predict double-digit growth through next year in equipment investment by builders of residential and nonresidential structures.