U.S. Construction Machinery New Orders were up 13.6% in April from the previous year. Residential construction and rising business-to-business spending are expected to help contribute to ongoing positivity for the market. Farm machinery sales in the U.S. were also up in April with demand for equipment expected to continue increasing as consumers begin eating out again, driving restaurants’ need for food supplies.
Demand was up in Europe, as well, for farm equipment and forestry machinery. Production for these machines rose 11.3% in April from 1 year ago, and a rise in the Europe Business Confidence Index is expected to bode well for production.
NOTE: All data for charts supplied by ITR Economics