Top 5 construction stories of 2024
Used-equipment market struggled; infrastructure projects soared
The construction equipment industry was bogged down by high interest rates and subdued homebuilding in 2024, but increased infrastructure spending and rapid growth in some regions were silver linings.
While the used construction equipment market has started to stabilize in recent months, dealers grappled with overcapacity and depreciating equipment values for much of last year. Manufacturers aggressively pushed out new equipment as pandemic-fueled supply chain issues eased, and sales performances were mixed among some of the industry’s biggest players.
Here are Equipment Finance News’ most-read construction stories of 2024.
1. Equipment dealers capitalize on regional development booms
Roughly half of a $1.2 trillion federal infrastructure bill, signed in 2021, had been spent as of November, according to the White House. Construction equipment dealers in fast-growing regions, including Dallas-Fort Worth, central Texas and Raleigh, N.C., especially reaped the benefits, with large highway projects yielding increased heavy-duty equipment demand. While residential construction activity was generally slow in 2024, some regions saw an uptick, leading to more compact machinery sales as contractors sought smaller units to navigate residential lots.
2. JCB targets North American expansion with new facility
Construction equipment manufacturer JCB broke ground on a new facility in San Antonio as it looks to expand its presence in North America. The British company chose Texas partly because it is “the largest consumer of construction equipment in the USA,” JCB North America Chief Executive Richard Fox-Marrs stated in a release. The $500 million, 720,000-square-foot facility will be the company’s second-largest plant behind its headquarters in Rocester, England. Production is slated to begin in 2026.
3. Sany dealers respond to new EV products
Construction equipment manufacturer Sany launched a line of electric products “amidst the global drive towards sustainability and intelligence,” the company stated in a release. Sany dealers, however, questioned the benefits of electric equipment apart from the sustainability aspect. Higher upfront costs and inadequate charging infrastructure are some of the challenges dealers face when trying to sell electric machinery.
4. Used construction inventory swells again
Used construction equipment values fell in August in conjunction with rising inventory, prolonging a trend that started in the summer of 2022, according to Sandhills Global. Medium-duty inventory rose 42.7% year over year, while heavy-duty inventory jumped 20.9% YoY. Rental returns, slowed residential construction and contractors waiting to see the results of November’s presidential election contributed to increased inventory in August and much of 2024.
5. CASE Construction launches leasing program
CASE Construction Equipment launched an excavator leasing program through its captive financing arm, CNH Industrial Capital. The program, called CASE Power Lease, offers 36 months/3,000 hours lease rates for the manufacturer’s full-size D Series and E Series excavators. Participants can apply credit for up to 300 unused hours to the purchase or lease of another large CASE excavator.
The third annual Equipment Finance Connect at the JW Marriott Nashville in Nashville, Tenn., on May 14-15, 2025, is the only event that brings together equipment dealers and lenders to share insights, attend discussions on crucial industry topics and network with peers. Learn more about the event and register here.
