2023’s business landscape hasn’t been easy to navigate, but opportunities don’t wait until you’re ready. Despite the hiring challenges and inflationary pressures plaguing the construction industry, many business owners made great strides by simply keeping their focus off the headlines and on their growth plans.
Operating a successful business means identifying trends and positioning yourself ahead of them before your competitors have a chance to catch up. Here are five trends that National Business Capital noticed across the construction industry in 2023 that will likely carry over into 2024.
Construction Industry Trends (2024)
1. Equipment, Equipment, Equipment
From wearable equipment to mining dump trucks, it’s no secret that equipment is the key to succeeding in the construction industry. Technology will undoubtedly shift how the industry approaches each project, but the tried and true ways of making it happen are still as important as ever.
At National Business Capital, we’ve seen an increase in construction businesses purchasing equipment and leveraging the Section 179 tax deduction to lower their 2023 tax liability. In short, the deduction allows you to depreciate nearly the entire value of a newly purchased/financed asset in year one rather than over a few years. For anyone with growth plans, it’s been a great way to preserve liquidity for future opportunities.
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