A strong 80% of respondents to an industry survey are feeling bullish about business opportunities next year, anticipating an increased demand for both construction and agriculture equipment.
The survey, conducted by the Milwaukee-based Association of Equipment Manufacturers, reveals most of its members believe the demand for new equipment is the most likely to see an increase in the agriculture equipment line, with a substantially smaller 44% forecasting a similar increase in demand for construction equipment.
Despite the generally optimistic feelings, some 80% of the association’s membership, mirroring American businesses at large, said they were having a difficult time finding qualified workers. More markedly, 95% said they were currently negatively impacted by supply chain issues.
A press release issued by the association accompanying the survey stated that despite these very real challenges, the membership feels good about 2022: “Roughly 58% in the construction segment and 44% in the agriculture segment think the global economy will recover within the next year.”
A much stronger 70% to 74% believe the national economy will experience a recovery in 2022, with a slightly higher percentage saying their own companies will likely recover within the next 12 months.
In a statement, Benjamin Duyck, director of market intelligence for AEM, notes that members of the association believe that the recent infrastructure bill signed by President Biden will “give a big boost to spending on infrastructure.”
“The biggest impacts,” Duyck adds, “will be in 2022 and 2023.”
By Garry Boulard