Economic and operational challenges were the norm throughout 2022.
Whether it was inflation, increased interest rates, elongated lead times or equipment shortages, nearly every industry was burdened in some way. Construction was no exception.
Despite persistent challenges, 2022 proved to be a widely successful year for the construction industry. And while some issues may bleed into 2023, there is optimism that next year will be another strong one for equipment manufacturers.
“Our backlog is significant, and we’ll be working hard in 2023 to tackle all the work,” says Johnnie Garrison, vice president of sales at Superior Industries. “In the meantime, we’re anticipating more growth next year. Superior’s dealers are extremely strong partners. As their businesses continue growing and flourishing, so will their rental fleets.
“These are boom times for most manufacturers of aggregate processing equipment,” Garrison adds. “While the ride has been wild, we’re also having a lot of fun and learning new things we can do to improve the experience for our customers every single day.”
Superior isn’t the only company expecting to thrive next year. IRock Crushers’ Nate Russell says his company anticipates double-digit growth in 2023.
“Despite increased interest rates and a housing market that is slowing down, the country is still in need of infrastructure repair,” says Russell, director of sales and business development at IRock. “With $59.9 billion being released in 2023 [through the Infrastructure Investment & Jobs Act (IIJA)], there will be plenty of work in our industry.”
Russell also expects lead times to improve next year, and improvements there should alleviate other issues.
“As the supply chain continues to improve lead times, I predict that equipment shortages should also improve, resulting in a cost balance,” Russell says. “Retail finance creativity and lease programs for IRock products will put our dealer network in a great position for success.”
Prevailing problems
Dave Stewart of Screen Machine Industries has found common ground with the company’s dealers. In year-end reviews and year-ahead planning sessions, recurring positive themes were the level of construction activity and continued strong demand for machinery.