2 mins
FEELING THE SQUEEZE
I don’t know about you but here in the UK, the cost of everything seems to be skyrocketing. Energy bills are shooting up, petrol prices are at record-highs and the weekly food shop is more expensive than ever. This is not just happening in the UK – it is a global issue.
The World Bank recently revealed that in 15 of the 34 countries classified as ‘advanced economies’ by the International Monetary Fund’s World Economic Outlook, 12-month inflation through December 2021 was running above 5%. Such a sudden and shared increase in high inflation (by modern standards) has not been seen in more than 20 years.
There are a host of reasons for this and, of course, they differ around the world. However, some are more universal, such as the continuing impact of the pandemic, the war in Ukraine, and a shortage of both labour and materials. In this issue we look at the impact of rising energy costs on construction – turn to page 46 to read this article now.
Despite some of the challenges mentioned above, the global construction industry has enjoyed strong growth in recent years. We asked industry experts Off-Highway Research to crunch the numbers and examine construction equipment sales globally, by the main country markets and by different equipment types. They have also given us their predictions for the what the future will bring for the industry – it is well worth a read.
Technology is a one of the main themes of this issue. As well as our construction technology news we have a fantastic feature looking at autonomy and robotics and an interview with Hexagon’s President of machine control. Technology is also present in our road construction feature, where we ask what the sector will look like by the year 2030.
Enjoy the issue – we are already working on the Yellow Table, our exclusive ranking of the world’s top 50 OEMs by sales, which you will be able to see in our next edition.
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