Construction industry executives are optimistic that local nonresidential construction activity will improve in 2013, according to a survey by Wells Fargo Equipment Finance Inc., a subsidiary of Wells Fargo & Co.
As the Portland, Ore. housing market headed toward all-time lows in 2007, Sky Heating & Air Conditioning had to make major changes to survive. The end result, a total transformation into a growing company focused almost entirely on selling high-end, high-efficiency products like 16 SEER heat pump and geothermal heat pump systems.
For HVACR contractors who are involved in the residential construction market, there may be good news on the way. The latest numbers from this sector show that construction activity is picking up.
The U.S. Commerce Department announced that U.S. construction spending increased for the third straight month in June. Overall U.S. construction spending grew by 0.4 percent in June to a seasonally adjusted annual rate of $842.1 billion.
The U.S. Census Bureau of the Department of Commerce has announced that construction spending during May 2012 was estimated at a seasonally adjusted annual rate of $830 billion, 0.9 percent above the revised April estimate of $822.5 billion. The May 2012 figure is 7 percent above the May 2011 estimate of $775.8 billion.
“Contractors beware! If you are at all like me, you have been anticipating that the new residential construction market is just a year or so away from rebounding to previous heights.” Is it true, or is there more to this story?