As one of the most expensive heavy equipment categories there is, when contractors and rental outfits are buying lots of cranes, you can safely conclude things are going pretty well in the construction industry.
And that’s the gist of a recent analysis of the market by Citi’s Timothy Thein, according to a report from Business Insider.
The report offers no hard numbers on crane sales but does say the market is “rocking,” citing more available construction work than in recent years and growing market strength for the gains.
Thien reports the construction industry has seen a sizable increase in activity as both new projects spring up and developers opt to resume projects that had stalled due to the economic downturn. He says increased construction activity is the main contributor to the crane market’s growth thanks to more infrastructure and high-rise projects.
All of this work in tandem with “modest traction on rates is giving more contractors and rental houses the confidence to pull the trigger on new crane purchases,” Business Insider reports.
Of course, good news for the construction industry is good news for the U.S. economy as a whole and an explosion in crane sales is not an exception to the rule.