Dive Brief:
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Construction executives and equipment distributors have never been more optimistic, the 2015 Construction Industry Forecast from Wells Fargo revealed this week.
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Based on the bank’s Optimism Quotient, the survey showed that those in both industries have higher hopes for this year than last, when their positive outlook about future construction activity also reached a record high after dipping in 2013.
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In the survey, 63% of construction executives said they expect nonresidential construction activity to increase this year. That’s up from 55% in 2014.
Dive Insight:
The upbeat outlook surprised some industry observers who feared the nosedive in oilfield-related construction might dampen enthusiasm about what’s ahead. But because equipment rentals are strong and equipment acquisitions are expected to increase, distributors are optimistic that sales will flourish.
Contractors revealed their top three worries in the survey: employee wages and benefits, healthcare costs, and taxes.