3 Top Stocks Set to Profit From the Construction Spending Boom
The non-residential construction data in the U.S. has had a "wow" factor this year. It's more than offset highly visible declines in residential construction. So, even though the housing market is weakening, stocks like (NYSE: CAT), Trimble (NASDAQ: TRMB), and Stanley Black Decker (NYSE: SWK) are set to do well. Here's why all three are attractive stocks right now.
Let's start by looking at data from the U.S. Census Bureau. It's no surprise to see rising interest rates biting into residential construction spending. However, non-residential construction spending remains excellent. Within the data for May, there are some particularly bright spots, including private non-residential spending up 21%, private manufacturing construction spending up 77%, and private lodging spending up 23%.
Data source: Census Bureau.
Source Fool.com
Caterpillar Inc. Stock
With 14 Buy predictions and only 2 Sell predictions the community sentiment for the stock is positive.
With a target price of 332 € there is a slightly positive potential of 1.37% for Caterpillar Inc. compared to the current price of 327.5 €.
