Navigating a Busier Construction Season
While the pandemic suddenly halted many aspects of the construction industry, a boom has taken place across many areas. It began earlier this year and is expected to continue throughout the remainder of the year.
As builders resume or start new construction to meet the demand for residential and commercial spaces, an influx of materials is expected to keep making its way across the country. The challenge for the construction industry will be disruptions to the supply chain and the need for vehicles to transport supplies to help complete jobs in time and on budget.
We expect trailers to be in high demand to fulfill deliveries over the coming months, as mentioned in our Q3 2022 Commercial Vehicle Rental Market Guide. This shift presents a significant opportunity for companies to leverage COOP to generate new revenue from idle equipment or fill the need for extra capacity.
What’s Driving the Construction Rush?
With fewer weather-related delays, summer provides an excellent time for construction projects. Historically, construction work gets done faster and more efficiently in the summertime than at any other time of the year.
While higher interest rates and prices are slowing some aspects of construction, the industry still expects to expand by 4.5% in 2022 compared to the last two years. Especially as the need for multi-family homes remains very strong, we anticipate commercial construction demand to carry on through the end of the year to compensate for lost time as new materials allow for the work to be completed.
Here are a few more of the reasons adding to the construction increase:
- Record homes under construction. The number of homes under construction rose to 1.67 million units in May, the highest since 1969.
- The infrastructure package. This government initiative to repair roads and infrastructure across the U.S. has an expected growth rate of 20.1% in the construction industry.
- The popularity of outdoor spaces. Since the arrival of COVID-19, people have been more interested in building outdoor spaces that encourage gatherings without compromising safety.
Delivering Materials to Their Destination
While some materials like concrete and steel are seeing a rise in costs, others like lumber have some reports of lower prices. Despite these changes, it seems to have little effect on consumers looking to complete planned construction jobs.
Plus, now that items on backorder are ready to be delivered, trailers will be a hot commodity to hit the road and distribute supplies.
As the largest commercial vehicle sharing platform, COOP takes great pride in working with trusted companies and private fleets who list their trailers for rental. When you search for the vehicle you need, it’s easy to compare rates and availability to carry the cargo you wish to transport.
Opportunity Leads to Reward
With COOP, businesses are creating new revenue streams and optimizing their fleets. Listing your idle trailers during the summer will make you money and help others meet their goals during a busy construction season.
Our innovative platform connects thousands across the nation all with the click of a button.
Ready to share your trailers and turn some profit? Click here to get started.