New Employment Opportunities
The Associated General Contractors of America (AGC) reports 16,000 new construction jobs were added in September 2014, as the unemployment rate in this sector dropped to 7%. This news represents three years of growth. Over 6 million Americans worked in construction last month, the most since May 2009.
Less Investment Risks
While a recent constriction survey from GlobeSt.com and Partner Engineering and Science Inc highlighted the financial risks involved in construction, there is some silver lining. The survey indicted that short-term prospects are improving immensely and the construction industry is better focused than before the financial crisis.
Growing Foreign Markets
The global construction equipment market is expected to grow to $192.3 Billion by 2017, which is a 6% CAGR growth. The market growth is a direct result of investments from Governments and private companies. Emerging nations and growing regions, like in the Far East, are responsible for the favorable projections. There is also an incredible demand for both earth moving and mining equipment. Companies that ship construction equipment overseas should take advantage of great construction equipment shipping rates that are now available.
As we look into the future for the construction industry, there are some concerns on the horizon. Companies need more qualified construction workers through vocational training. There are also new regulations that could impact the industry. To avoid any dilemmas, companies that produce construction equipment should work with a trusted freight forwarder to ensure a smooth transportation process.