Construction execs feeling good about 2017, Wells Fargo survey finds

Wells Fargo recently said that construction executives are feeling optimistic about 2017.

A survey of contractors and equipment distributors by Wells Fargo Equipment Finance, a subsidiary of Wells Fargo, recorded its third highest optimism quotient in two decades and its two-year optimism level is up from last year, the financial services company said in a release.

The survey indicated the optimism was the result of anticipated industry expansion through higher infrastructure spending. The survey found an optimism quotient (OQ) of 123, up from 108 in 2016. An optimism quotient greater than 100 indicates strong optimism, the release said.

“An OQ reading at this level leads us to believe that the industry will continue to build on the momentum generated over the last few years,” John Crum, senior vice president and national sales manager of the Construction Group at Wells Fargo Equipment Finance, said in the release. “Contractors have increasingly improved their businesses and this year looks to provide more opportunities to do that again.”

The survey found that 84 percent of executives are predicting moderate to significant growth in 2017 compared to 62 percent who who expected that kind of growth last year.