The Construction Industry Forecast by Wells Fargo Equipment Finance, a survey of construction industry professionals’ hypotheses regarding the upcoming year, showed some remarkable numbers for 2018.
As discussed in Part 1, the data included an impressive Optimism Quotient (OQ) of 133; anything over 100 is considered strong. Part 2 explores the promising data further. Today in Part 3, our St. Petersburg construction lawyers will conclude the series by discussing industry concerns and providing resources for the future.
While the report was overwhelmingly positive, it did reveal certain concerns. Most contractors said finding and paying for skilled labor and healthcare costs are top cost concerns. The political and regulatory uncertainty was also addressed. In regard to politics, the following statistics were reported:
- 35 percent said the nation’s political and regulatory uncertainty poses the greatest risk to the construction industry
- 32 percent said that they were most concerned about consequences of the Affordable Care Act
- 9 percent said they were concerned about local economic uncertainty
Listen to the Webcast
Listening to the webcast in full can provide even greater insight into these expert opinions and promising statistics. If you would like to watch the replay of the live webcast, you can find it at the top of this page.
John Crum, as well as financial experts Mark Vitner, Byron Payne, and Peter Gregory, discuss the findings. The webcast includes expectations for net profits, trends in the rental market, equipment purchase intentions, and more.
Resources for the Future
The Construction Industry Forecast is 42 years old and counting. The annual survey is an excellent resource for construction industry professionals across all specialties and professions. Each year, the industry projections are gathered from many of our nation’s most esteemed industry experts. For 2018, survey responses came from 312 construction industry executives across 44 states.
Working with an experienced construction attorney is a huge resource for any construction industry professional. An attorney can defend your interests during disputes and also help prevent crises from happening in the first place.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.