When the Housing Bubble caved in at the close of 2008, North America’s powerful construction industry took a hit harder than almost anyone else. As a direct consequence, sales of house construction equipment, including power tools, shrunk steadily. Suddenly, however, signs are starting to crop up that seem to prove the construction industry’s steady re-emergence in the U.S. While the outlook remains fairly conservative, there does seem to be a consensus that 2013 will prove to be a year of growth for housing and construction overall in America.
Furthermore, while the power tool industry in America took a bad hit from the real estate crisis, the blow was in part stymied by the fact that home improvement remained wildly popular during the course of the Great Recession. With American families no longer able to turn to construction companies to help build or retrofit their homes, Americans took it upon themselves to fix up their houses. Even as the construction industry stumbled and faltered for many dozens of months, the US power and hand tool market managed to grow back – and even expand. As it stands, the industry is forecasted to expand by 4.8% each year through at least 2016. By then, the overall value of the market should have buoyed up to something along the lines of $13.1 billion for the total year. Homeowners and garage hobbyists alike should be proud of the economic impact they’ve achieved.
Being that we at Production Materials supply essential parts and components for the construction tool industry, we are a proud of the newly revamped construction boom. We look forward to the challenges ahead, and to the eventual full recovery of the market.