Global construction output has slowed to a near-idle state this year, with growth in places like China, India and Saudi Arabia being offset by softness in North America, Europe and Australia. The US-based AEM (Association of Equipment Manufacturers) says global contraction is expected to be short-lived, however, as a modest rebound is anticipated in 2024.
AEM Business Intelligence (BI) highlighted the following current conditions during its Q2 BI webinar:
Persistent challenges – High prices and interest rates, in particular, create some uncertainty and downside risk to the forecast.
Potential for prosperity–Nonetheless, there are some great opportunities in different markets going forward, as infrastructure, energy, and manufacturing are helping fill up a project pipeline that bodes well for 2024.
Output concerns – There is reason to expect a slight dip in Europe and North America in the short term, followed by a slight rebound in 2024.
Growth momentum on the horizon–In the U.S., non-residential segments are all expected to grow this year after falling in 2022. Heading into the back half of this year and into 2024, some of the big federal government spending bills, most notably the Infrastructure Investment & Jobs Act and CHIPS & Science Act, should start impacting the construction industry.
Want to know more about what’s on the horizon for equipment manufacturers and the construction industry they serve? If you’re an AEM member, be sure to attend the upcoming Q3 Equipment Market Outlook Webinar, set for Aug. 3 from 12 p.m. to 1:15 p.m. Register now.
Introducing AEM Market Analyst Craig Frizzell
AEM is pleased to announce a new hire, Craig Frizzell, the association’s new market analyst for business intelligence. Frizzell brings tremendous knowledge and expertise that will allow him to add value in research, analysis, and presenting key data, insights, and trends to support AEM members and AEM’s strategic priorities.
Frizzell holds a PhD in Political Science and brings almost 20 years of experience providing research, data analysis and visualisation for various organisations, including a global industrial manufacturer, Washington D.C. political research firm and a financial services corporation.
Learn More: Contact Your Account Success Advisor
In addition to its quarterly Equipment Market Outlook Webinars, AEM continues to offer a wide range of other market data products, including the AEM Business Intelligence Dashboard. To learn more, contact your Account Success Advisor.
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