The Construction Industry Manufacturers Association (CIMA) recently released its construction machinery shipments index for third quarter 2001. It showed seasonally adjusted declines of five points compared to the previous quarter and a 20.5-point drop compared to the third quarter of last year.
The CIMA Index has recorded steadily declining numbers since January 2001, falling in the range of two to four points each month. Annual percentage changes in the CIMA report, which are not seasonally adjusted, have shown double-digit drops since January, but the rate of change had started to slow in the last few quarters.
"Our survey results are another indicator that a recession continues in the construction equipment industry," said CIMA President Dennis Slater. "Constributing factors include cuts in business capital spending and excess inventories, and certainly the recent world events of Sept. 11 and its aftermatch have had an impact."
