Despite Inflation, U.S. Construction Optimism for 2022 is High

An IEDA summary

All regions of the U.S. are showing strong construction industry optimism according to the latest Wells Fargo Economic & Construction Report. The current overall U.S. National Optimism Quotient (OQ) is 112 – OQ is Wells Fargo Equipment Finance’s indicator of industry executives’ optimism about the coming year compared to the previous year. The highest recorded OQ in the last 25 years was 133 in 2018 and the lowest was in 2008 at a miniscule 42. Wells Fargo’s team of economists say they anticipate private nonresidential spending to increase solidly in 2022, as commercial, institutional and manufacturing expenditures all pick up. New warehouse and industrial development continues to rapidly expand, they report, while office, hotel and education projects have struggled to get back on track. Manufacturing construction is ramping up alongside the shift to vehicle electrification and on-going semiconductor shortage. DOWNLOAD FULL REPORT>>