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