ELFF predicts 5 percent growth in construction
In a recent study by the Equipment Leasing and Finance Foundation (ELFF), the near-term residential and commercial construction markets should continue to grow.
In the report, Vertical Market Outlook Series – Construction, ELFF highlighted the industry's record spending in 2017 and predicted a 5 percent industry growth in 2018.
Citing other groups' analyses and reports, the foundation laid out a case for industry expansion, albeit at a less frenetic pace than in previous years, amid confidence among contractors about their ability to increase revenues.
This is reflected in metrics such as the expected percentage of contractor loan defaults and an anticipated increase in profits from equipment sales and rentals.
The foundation's report also put a spotlight on construction industry trends for the remainder of 2018, which include:
- more attention to issues of resiliency, driven by the destructive 2017 hurricane season and other natural disasters;
- the persistent labor shortage, which has threatened productivity and has sent contractors on a search for skilled workers;
- increased offsite construction;
- the role of automation and technology in the areas of productivity and safety;
- the use of building information modeling;
- what inroads artificial intelligence and big data will make; and the new policy regulations that will impact contractors.
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