Representatives with Expert Heavy Equipment announced today that it is preparing for the increase in spending in both infrastructure and construction.
“The future is bright and we’re ready for it,” said Milissa Wise, Director of Operations for Expert Heavy Equipment, which is the parent company of EHE Auctions.
President Barack Obama is preparing to present his proposed $302 billion, four-year transportation reauthorization bill to Congress. The proposal could solve transportation funding problems, including the nearly-insolvent Highway Trust Fund (HTF).
A snapshot of the bright future can be attributed to the fact that U.S. construction spending was up slightly in March due mainly to increases in private residential construction, which is now at its highest rate in nearly six years.
Total spending rose in March to a seasonally adjusted annual rate of $942.5 billion, up 0.2 percent from the revised February figure of $940.7 billion.
Due to the revision of that figure, what was a 0.1-percent increase in February is now a 0.2-percent decrease from January. Spending in March is up 8.4 percent from March 2013.
Wise, whose company receives 95 percent of its business from referrals and loyal repeat customer, pointed out that after a down month in February statistics show that private residential construction spending was up 0.8 percent in March to $370 billion. That’s the strongest pace seen since May 2008.
Apartment construction, industry statistics revealed, had the largest spending increase at 4.4 percent to $39.1 billion while single-family home construction was up 0.2 percent to $185.6 billion.
Private nonresidential spending was up 0.2 percent to a rate of $310 billion, led by a 5.3-percent increase in transportation to $13.3 billion, a 1.3-percent increase in educational to $16 billion and an 0.8-percent increase in hotel construction to $16.2 billion.
With all the expected growth and demand, Wise promised that when it comes to getting a good deal, EHE prides itself in being able to provide its customers with the best deal possible.
“Like any industry, understanding the market trends and forecasts will be instrumental in positioning our company for continued growth and success,” Wise said. “We will ensure that we will have the lowest prices on high demand equipment. Our goal is to become a leading provider for used heavy construction equipment nationally.”
For more information, please visit: www.experthe.com