Wells Fargo Issues Q4 2012 Construction Quarterly Report
Energy, residential and commercial construction can expect a continued recovery in 2013.
There is mounting evidence that the construction industry is building toward a full recovery. The Construction Group at Wells Fargo Equipment Finance is modestly positive about the prospects for the construction industry for 2013.
In his introduction to the Q4 report, John Crum, National Sales Manager for Wells Fargo Equipment Finance, Inc.'s Construction Group observed, "There is mounting evidence that the construction industry is on its way to a full recovery. The major economic indicators are clearly showing improvements over last year and we are seeing pockets of life in certain construction sub-industries and geographies.
"Equipment sales generally have been on the rise for the last year or more in many regions of the country. For example, the Association of Equipment Manufacturers’ most recent monthly report on Construction Equipment shows a 2.2% increase in units sold compared to last year. Their Value Index marks a 16.1% increase from a year ago. The trend line in this report turned positive beginning in about mid-2010."
Crum continues; "Construction numbers from the U.S. Census Bureau reinforce the theme of a generally improving construction market. The total value of construction put in place started a turn for the better early in 2011. In September 2012, total construction at a seasonally adjusted annual rate was $860 billion, up 8.8% compared to the year prior. In October 2012, the annual number was $872.1 billion, up 9.6% versus the year prior."
Click here to download the entire report in PDF.
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