News in the Construction Equipment Industry
Need a quick update on what happened last week in the construction industry? Every Monday we will provide a brief overview of some of the top stories for your consumption.
The construction industry in the Carolinas can raise their hats for the passage of the transportation bill. The Moving Ahead for Progress in the 21st Century Act will authorize federal highway and transit investment through September 30, 2014. This bill will allow for construction to begin on plenty of vital projects that have been long delayed.
It has been reported that construction spending in the U.S. was at its highest level since December 2009. Spending was increased by 0.9%; this is said to be influenced by home building and other private-sector spending. Despite economists forecast of an unchanging spending environment, May marked the month of a seasonally adjusted annual rate of $830.01 billion.
The demand for commercial refrigeration equipment in the United States is expected to increase by 4.6% annually until 2016. The transportation of refrigerated equipment is still expected to remain the largest segment. The fastest growing market is expected to be beverage and food distribution, increasing annually by 5.9% until 2016.