Construction Equipment’s Annual Report & Forecast Projects “Very Good” Year for 2022.
Each year we are proud to partner with Construction Equipment magazine to present the Annual Report & Forecast. Amid labor shortage, pandemic, supply chain issues and a variety of other region/market-specific issues — more than 2,000 respondents spanning five core demographics within the construction industry came to the consensus that 2022 has the opportunity to be “very good”. According to Construction Equipment Editorial Director Rod Sutton:
“Construction markets improved last year compared to 2020, which is to be expected, but we have not yet returned to the levels reported in 2019. The business rating for 2021 was “good,” up from the “average” recorded for 2020 and matching the forecast made at the end of 2020. The shining star among the vocations we track was nonresidential, reporting a “very good” 2021, up from an “off” 2020. On the other hand, water infrastructure continued to struggle, calling 2021 an “average” year after an “off” 2020. Both vocations expect 2022 to improve. The industry as a whole expects 2022 to be better than 2021, forecasting a “very good” year.”