Editor’s Note: In the first iteration of the Portable Plants’ Editorial Advisory Board, participants were asked to share their input on several questions including: What are your thoughts on how the first half of the year has been for the industry and your business? What factors are you seeing that are driving this performance? What are your current expectations for the second half of the year?
2024 is seeing what I call COVID fallout, which is affecting industry performance.
Post-COVID economics of significantly higher prices for goods and services – along with increased interest rates – have slowed things down. We are still seeing high demand for parts, service and rental from our customers, but they are holding back on new purchases.
Based on the state of the economy, this was to be expected. Higher prices and interest rates are slowing sales, allowing manufacturers to catch up with demand. Many are now sitting on a surplus of inventory. This is a positive [in the face of] availability issues that were hard to overcome over the last several years.
Our expectations are positive for the second half of 2024. We are working on several projects with customers that are in a confident position to move forward as the demand for minerals remains strong.
Tim Smith is managing partner at Maverick Environmental Equipment in Ashtabula, Ohio.
Featured Photo: Portable Plants Staff