Construction and Mining Equipment Wholesalers NAICS 423810

Jul 14, 2025 - Deere, Volvo Announce US Expansions

• John Deere and Volvo Construction Equipment (Volvo CE) recently announced large-scale expansions of their US-based manufacturing footprints, according to Engineering News-Record. Deere & Co. will invest $20 billion over 10 years into its U.S. operations, including new and expanded facilities in Missouri, North Carolina, Tennessee, and Iowa. Volvo CE is allocating part of a $261-million global investment to enhance its Shippensburg, Pennsylvania, excavator and wheel loader manufacturing site with new assembly lines, automation, and employee training. Both companies said their expansion plans would improve logistics, bolster US manufacturing, reduce supply chain vulnerabilities, and improve responsiveness to regional markets.
• North American construction and engineering spending in 2025 is expected to grow by 1% after increasing an estimated 7% in 2024, according to FMI’s third-quarter 2025 North American Engineering and Construction Outlook. With growth of 32%, the data center sub-sector will lead 2025 nonresidential construction, followed by sewage and waste disposal (7% growth over 2024), amusement and recreation (+6%), water supply (+6%), educational (+4%), and public safety (+4%). Commercial construction spending is expected to decline 4% in 2025 amid a 4% drop in warehouse demand, which accounts for more than half of annual commercial spending. Lodging construction spending is forecast to fall by 3%, and stubbornly high office vacancies are expected to hold new office construction to 2% growth in 2025. Amid high mortgage interest rates and a lack of affordability, single-family construction spending is forecast to rise by 1% in 2025. A recent jump in new apartment supply and unfavorable cost conditions will reduce multifamily spending by 9% in 2025. In addition to strong spending on water and sewage projects, other segments of the infrastructure sector are projected to see spending increase in 2025, including power (+3%) and highway and street (+2%).

• The Dodge Momentum Index (DMI) increased 6.8% in June 2025 to 225.1 (2000=100), up from the revised March reading of 210.9. The Momentum Index is a monthly measure of the first (or initial) report for nonresidential building projects in planning, which has been shown to lead construction spending for nonresidential buildings by a full year. On a monthly basis, the commercial planning component improved by 7.3%, and institutional rose by 5.7%. Dodge’s associate director of forecasting, Sarah Martin, said, “Nonresidential planning steadily improved in June, alongside strength in warehouse, recreational, and data center planning. Planning momentum in other key sectors – like education, hotels, and retail stores – was more subdued. Expectations for weaker consumer spending and travel demand, as well as volatility around funding, are likely contributing to the weaker momentum of projects entering the planning queue for those sectors.”
• The total value of construction put in place declined 0.3% in May 2025 compared to April, according to the US Census Bureau. Spending on nonresidential projects decreased 0.2%, and residential spending fell by 0.5%. Within the nonresidential construction segment, lodging saw the most significant drop in May as spending fell 1.4%, followed by commercial (down 0.8%), water supply (-0.7%), highway and street (-0.5%), power (-0.5%), and office (-0.2%). However, pockets of nonresidential building construction growth in May included public safety (up 0.7% over April), amusement and recreation (+0.5%), conservation and development (+0.5%), communication (+0.4%), healthcare (+0.4%), transportation (+0.2%), and healthcare (+0.1%). High mortgage rates and rising numbers of unsold new homes have weighed on the new single-family housing market, according to Reuters. US trade policy has also contributed to increased economic uncertainty.