Brian Beaulieu, CEO of ITR Economics, presented a positive economic forecast for drillers and contractors at the recent Mechanical Contractors Association of America’s Annual Convention.
As one of only two countries with a growing population base, the U.S. is struggling with low inventory of existing homes. This has led to increased single-family housing construction across the country. With a booming housing market projected for the next decade, drilling services and equipment will also be in high demand.
According to Beaulieu, the U.S. economy is strong and growing. He cites several positive indicators for continued optimism such as strong manufacturing, rising incomes and a solid housing market. As the only country besides India with a growing population base, we are suffering from a lack of immediate available housing. This shortage means solid growth for new single-family housing across the country. While nonresidential construction isn’t in high demand right now, predictions see it picking up speed at the end of this year.
This expansion of new construction means the drilling industry can also look forward to a good economic run. New construction doesn’t just mean new houses or nonresidential buildings. There will be an increased need for water well drilling, subsurface site investigation and soil sampling before construction can even begin. Now is the time to make sure you have the best drilling equipment in your fleet to take full advantage of the growing need for drilling services.