Siemens Predicts Rapid Uptick for the Construction Industry

By Kitty Wheeler
Construction Digital
June 21, 2024
Category: Finance & Economics
Region: United States, International

The construction industry worldwide should brace for a potential upturn, according to recent analysis by Siemens, the German multinational conglomerate. …While the industry has faced challenges in recent years, including supply chain disruptions and inflationary pressures, several indicators suggest a more positive outlook is on the horizon. The Building Cost Information Service (BICS) has now predicted over the next five years, total new work output is forecast to grow by 21%. …This anticipated surge is expected to drive a corresponding rise in demand for plant-hire services across various categories, including: excavation, pumping, piling, bulldozing, lifting, and earth-moving equipment. …Primarily, the anticipated upturn in the construction industry is thought to be driven by increasing infrastructure investments and government stimulus programs aimed at economic recovery and modernisation. 

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