As FLV usage drops 15.6%, is your strategy aligned with this market shift?
Source: EquipmentWatch.com
The construction equipment market is experiencing a notable decline in the age of equipment, with ages down 7.9% year over year and the age of equipment on the auction side down 1.4% month over month, amidst ongoing labor shortages and significant industry job openings.
- Fair Market Value (FMV) Trends: FMV age for construction equipment has decreased by 7.9% YoY and 9.9% over two years.
- Fair Liquidation Values (FLV) Insights: Ages for FLV equipment entering the auction market has seen an 8.2% YoY drop and a 1.4% month-over-month decrease.
The construction labor market is experiencing notable shifts, with 339,000 job openings reported at the end of May, indicating a 2,000 increase from the previous month but a significant 38,000 decrease from the same time last year. Despite this decline in open positions, the industry still grapples with widespread labor shortages, resulting in a higher share of construction workers quitting in May than in any month over the past year.