Equipment manager confidence fell in the second quarter, according to the Equipment Manager Confidence Index, released by construction equipment. The index for Q2 2022 is 87, down significantly from the end of 2021, when it was 114. The index hit its lowest point since its inception in April 2020. The index is down compared to its level of 117 a year ago.
The index measures the confidence of equipment managers on a scale of 0 to 200, with 200 indicating full confidence that next month will be “better”.
“The index is indicative of the economic picture that has unfolded over the past quarter,” said Rod Sutton, editorial director of construction equipment. “Labour shortages, ongoing supply issues and rising inflation are stifling optimism.”
“Fleet managers remain concerned about the future health of the overall economy,” Sutton said. “These indicators also declined during the quarter. Fleet health trends are also of concern. Although the health of the fleet is better than a year ago, managers are not convinced that it can be sustained. »
The Equipment Management Confidence Index is published and available for the entire industry on ConstructionEquipment.com. Other data trends are only available to members of the Index group. For example, members continue to plan for more maintenance expenses in the coming months.
Additional information available to members:
- Overall health of the economy
- Current State of the Fleet: Now vs. Last Year
- Future Fleet Health: Now vs. Next Year
- Acquisition of equipment: better or worse buying new
- Equipment Disposal: Best or Worst Time to Sell Used
- External rental: best or worst time to rent
- Peer to peer rental: best or worst time to generate income
- Planned maintenance: spend more or less than last year
- Reconstructions: more or less likely than last year
In addition to the Trust Index, members of the platform also provide opinions on asset management trends, including acquisition expectations, lease plans and maintenance. In the third quarter, for example, the index showed that managers do not see the next few weeks as a good time to buy new equipment. With free access, managers can see how the trend is unfolding and compare themselves to others on the platform.
End users of the equipment can access this information free of charge. Others, such as manufacturers or resellers, can access the data as observers by registering here. The next calculation of the index takes place at the end of September. Equipment managers can join the group anytime this month to provide feedback and access quarter-over-quarter trends. Baromitr’s visualization features also allow members to analyze performance and compare their performance against other group members.
The data-driven index is powered by Baromitr, a scalable peer-benchmarking platform. The Equipment Manager Confidence Index is a custom algorithm that combines multiple inputs to calculate a score from 0 to 200. The higher it is, the more confident the equipment managers are.