PEORIA, Ill. — Caterpillar last month said it expects the construction industry to grow 30 percent over the next decade because of an increase in spending on infrastructure, housing and mining projects by both the developed and developing worlds.
At a day-long conference in Tucson, Ariz., for industry executives, Caterpillar executives discussed their vision for the future and emphasized that the construction equipment business is not yet mature and still holds many expansion possibilities.
According to the company, the key drivers of construction spending growth will be led by infrastructure improvements and updates to existing structures.
The company said it expects the U.S. economy to grow about 3.5 percent annually over the next 10 years and machine demand to increase as the U.S. and other countries work to bring infrastructure demands up to pace with economic growth.
In other company news, Caterpillar recently announced plans to build a diesel engine manufacturing facility in Griffin, Ga.
Perkins Shibaura Engines, a joint venture between Perkins Engines Co. and Ishikawajima Shibaura Machinery Co., is scheduled to begin production in May 2004 on the Perkins 400 Series of two-, three- and four-cylinder, liquid-cooled, naturally aspirated and turbo-charged indirect-injection engines.