Construction Boom Leads To Equipment Shortages
With numerous large-scale industrial construction projects underway, shortages of equipment, labor and skills threaten to delay project development. The Great Lakes Region alone has 100 new industrial plants currently under construction.
A recent report published by International Construction stated that global sales of construction equipment grew by 9% in 2005, with North America leading the way with 16% growth in 2005. For example, Caterpillar had equipment sales increase by 22% in 2005 to $22.9 billion, with revenues of $36.3 billion in 2005, a 20% increase from 2004.