The construction sector is receiving some good news as the Dept. of Commerce estimates construction spending at an annual rate of $931.2 billion during January, up 5.4% from last year’s estimate of $883.2 billion.
This upsurge in construction is largely attributed to an 11.2% jump in residential construction, which accounts for $507.1 billion in total annual construction, or 54.5%. Highway and street construction, a $66-billion sector that accounts for 7.1% of the pie is up 3.9%. Manufacturing, a $13.9-billion segment that makes up 1.5% of construction, dipped 1.3%.
The increased activity in construction means good news for the trucking industry as well. For example, Mack Trucks Inc. has previously reported January truck deliveries totaling 1,440, up 5% from the same month last year.
“The better the construction market is the better it is for us,” John Walsh, Mack Trucks manager of trade relations told Fleet Owner. “Construction is one of our most important segments.”
