We have gained first hand access to a report regarding the asphalt paving market and we are happy to share some positive news with our readers. It appears that growth in the industry is very much on the right track in the next five years. Those who are involved in the asphalt paving industry, or are considering an entry, will be very encouraged by the projected growth figures for the years 2018 to 2023.
One of the estimates that is a good sign comes from ARTBA. It projects that in the United States, the figures for spending on transportation construction will go up by at least 3.2 percent. This is very good news, because they predicted a decline this time last year. They are also very optimistic about the figures for 2019 and beyond. They believe that more states are taking on infrastructure projects, which should help with the growth.
The biggest increase in the coming years is expected to arrive through the construction and upgrading of airport runways and terminals. The country’s airports are getting bigger, with the demand for airlines going up too. An asphalt paving company that already has experience with airport contracts is in a very good position. Even those who do not have current clients in this sector may want to get involved in 2018.
It is always interesting to look at how people within the industry are feeling about their upcoming prospects. It appears the results are split down the middle. Around 60 percent of contractors are expecting the average growth figures to continue in the coming years. Around 40 percent are thinking that growth will slow down, while around 11 percent believe there will be a recession.
Figures are always open for interpretation. And everyone has their own opinions on how the asphalt paving sector will develop in the next few years. But with major projects underway in all parts of the United States, it is an exciting time to be an asphalt paving contractor in Quakertown City.