Outlook for construction equipment dims, S&P says

Sep 29, 2008 | 08:45 AM | Corinna Petry

Robust conditions over the past few years for the global construction equipment market appear to be softening, according to a research report by Standard & Poor's (S&P), the New York-based ratings service.

"Weak economies in North America and Europe and slower growth in some emerging market economies will hamper demand for construction equipment," S&P analyst Dan Picciotto wrote.

For the United States, the outlook for construction spending is gloomy, he said, citing S&P chief economist David Wyss, whose forecast estimates real nonresidential construction to drop more than 10 percent through 2010, while residential construction likely will shrink an additional 8 percent in 2009 and is not likely to bounce back before 2010.....

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