Construction contractors and equipment distributors have continued optimism about local, nonresidential construction activity in 2015 and expect a strong rental market and increasing equipment acquisitions, according to a survey from Wells Fargo Equipment Finance.

“The timing of this survey is particularly significant because it coincided with a period of sharp decline in crude oil prices at the beginning of 2015,” said John Crum, senior vice president and national sales manager of the Construction Group at Wells Fargo Equipment Finance.

“We thought the predictions of lower capital expenditure related to construction in the energy sector might impact more of our survey population and dampen enthusiasm about the year ahead,” Crum added. “Yet contractors and equipment distributors indicated that the trajectory of the broader construction industry is still going in the right direction: up.”

A larger percentage of executives (63%) said they expect activity levels in nonresidential construction to increase in 2015 compared with 55% who expected it to increase in 2014.

This year’s increase in the OQ marks the third time in four years that it has reached a new high, which signals confidence that growth has been accelerating over that time. Coinciding with the higher optimism reading is anticipated growth in rentals and increase in new and used equipment acquisition.

To view the full survey, click here.