US Industrial CEOs Are Feeling “Super Bullish”
The US is going through one of the biggest construction booms in history — fueled by the 2021 infrastructure bill and a return of manufacturing to the US.
The mood across the industry: “Super bullish,” — according to analyst Joe Ritchie during last week’s Goldman Sachs Industrial and Materials conference (YF!).
“We are at the start of a very significant infrastructure build in the US. Some might call it a US. manufacturing renaissance.”
All the pieces that go into building America
Companies across the manufacturing supply chain are benefiting from increased industrial activity.
1/ Construction equipment provider Caterpillar (NYSE:CAT) saw first-quarter sales grow 17% from the same period in 2022.
2/ Factory automation company Rockwell Automation (NYSE:ROK) reported a 26% increase in first-quarter sales with rising profitability.
3/ The largest US steel producer, Nucor (NYSE:NUE), is also benefiting from increased steel demand for factory and building equipment.
4/ Commercial trucks producer PACCAR (NASDAQ:PCAR) delivered 19% more trucks in the first quarter than the same quarter last year, and continues to see a heavy backlog.
5/ Industrial waste management services company Clean Harbors (NYSE:CLH) is seeing demand pick up from larger customers.