The benchmark U.S. National Optimism Quotient (OQ) registered 112, a 44 percent increase from its mark of 78 a year earlier, showing leaders ended 2021 feeling cautiously optimistic, according to Wells Fargo in its 2022 Construction Industry Forecast. Nonresidential contractors and distributors showed renewed optimism for increasing profits and new equipment sales in the year ahead.
“Finding skilled workers and supply chain disruptions are executives’ two biggest concerns,” said James Heron, national sales manager for the Wells Fargo Equipment Finance Construction Group, which has sponsored the report for its 46th year, cementing it as the primary benchmark for the U.S. nonresidential construction industry. “However, in this rapidly changing environment, they also believe that the passing of the new infrastructure bill and historically low interest rates will create new opportunities in the future.”
Wells Fargo queried hundreds of industry