Optimism Quotient

Construction industry forecast shows cautious optimism for 2021

National Sales Manager Jim Heron shares construction industry forecast shows cautious optimism for 2021

What construction executives imagine for the year ahead.

This year’s Optimism Quotient (OQ) comes in at 78 indicating optimism, though blanketed in caution. 2021 does indicate a drop in optimism among both contractors and distributors, yet it is worth noting that the outlook of the construction industry as a whole remains positive, with 59% believing it will expand in the next two years. Download the full report to learn more about what to expect this year.

Although the score dropped from last year's OQ of 99, it still falls within the "cautious optimism" range at 78. For reference, scores above 100 are considered highly optimistic, with scores between 75 and 100 falling in the cautiously optimistic category. This dip can be attributed to a year of uncertainty as we navigated a global health pandemic and braced for the economic impact.

Now cautiously optimistic at 99

Source: 2021 Wells Fargo Construction Industry Forecast Survey, Base: Total respondents — 226 in 2021, 305 in 2020, 441 in 2019, 312 in 2018, 407 in 2017, 474 in 2016, 413 in 2015, 552 in 2014, 370 in 2013, 405 in 2012.

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We provide competitive fixed- and floating-rate loans and leases that cover a full range of commercial equipment, floor planning, and inventory financing needs. We have industry financing specialists that are dedicated to construction, energy, commercial and specialty vehicles, marine, rail, aircraft, and vendor financing programs.

We offer a broad range of direct and vendor finance programs for equipment end-users, distributors, and manufacturers. Wells Fargo Equipment Finance is a leading bank-affiliated equipment leasing and finance provider, with more than $39 billion in assets under management, more than 300,000 customers, and 2,000 team members.1

Construction equipment financing

We have deep experience in the construction industry and offer tailored financing and leasing solutions. Our nationwide coverage allows us to connect our customers with the correct products to help meet their financial needs and WFEF offers complete, flexible financial solutions for the entire industry. With end-user leases and loans, dealer retail referral programs, dealer rental fleet and floorplan financing, and manufacturer subsidized retail and inventory programs, we have products suited to your particular needs.

To learn more, call 1-877-248-7007 or visit Wells Fargo Equipment Finance.

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Also in this issue

  1. Company data as of February 2021.