United States, September 27, 2025
News Summary
Nearly 153,000 financed construction machines were sold, an 11.6% increase over the prior year, driven by strong demand for lower-cost compact equipment and steady financing activity nationwide. Top manufacturers — led by Caterpillar, Kubota, Bobcat and Deere — and states such as Texas and Florida dominated purchases. Compact track loaders, skid steers and mini excavators made up most financed units, while financing shares varied by product. Major factory investments aim to expand production and shorten supply chains, and AI-driven forecasts project notable growth in construction spending by the end of the decade, favoring contractors that use financing and predictive tools.
New financed U.S. construction equipment sales rise 11.6% in 2024; major manufacturers, models and states identified
Nearly 153,000 pieces of new financed construction equipment were sold during 2024. The 153,000 new financed-unit total represents an 11.6% increase over 2023, according to Fusable’s EDA equipment finance data. That rise is the clearest immediate signal in this dataset: financed purchases of new machines moved meaningfully higher year over year.
Who led the market
The top four manufacturers of new financed equipment in the U.S. in 2024 were, in order: Caterpillar (Cat), Kubota, Bobcat and Deere. Case edged out Komatsu to take the fifth spot among manufacturers. There was no movement in manufacturer positions 7–9; those were held by Takeuchi, Volvo and New Holland. JCB climbed into the 10th position after two years at 11th. Sany moved to the 12th position, falling off the earlier list and now behind Hitachi.
State-level leaders
The U.S. states purchasing the most new financed construction equipment were (in order listed): Texas, Florida, Georgia, North Carolina and California. On a manufacturer-by-state basis, Kubota had the most new units financed in 19 U.S. states, maintaining its position as the top seller in the most states for another year. Caterpillar (Cat) was the top new financed equipment seller in 17 states and the District of Columbia. Bobcat was the top new financed equipment seller in 8 states. Deere was the top new financed equipment seller in 5 states. Case was the top new financed equipment seller in 2 states.
What types of machines were financed
EDA tracks a broad set of machine categories and compiles the data from state UCC-1 filings on financed construction equipment. The tracked types include compact utility loaders, skid steers, compact track loaders, mini and full-sized excavators, standard and LGP dozers, wheel loaders, backhoes, articulated haul trucks, single- and double-drum vibratory compactors, motor graders, scrapers and tracked and wheeled asphalt pavers and concrete pavers. All EDA figures include sales, lease and rental transactions. EDA continually updates the data as information comes in from each state, and the presented EDA numbers may have fluctuated since the data was pulled in early March.
In terms of new machines financed, less expensive compact equipment tends to dominate the top equipment-type charts. Depending on machine type, financed machines represent between 40% and 75% of the total number of machines of that type sold in the United States. Buyers of higher-ticket items such as large dozers generally tend to finance those purchases rather than pay cash or use letters of credit.
Compact utility loaders grew in popularity in 2024 and moved into the top five types of products sold, placing above skid steer loaders that year. Compact utility loaders are tiny toolcarriers that can navigate tight jobsites to perform digging, lifting, hauling and trenching work that would typically require manual labor. Of the top 15 financed new machines in the U.S. overall in 2024, twelve were compact or mini track loaders. The ranking list of financed new machines was expanded in the referenced report in 2024 from a top 10 to a top 15, to show the impact of next‑generation models entering the market.
Notable new models and expected ranking effects
Caterpillar rolled out the Cat 255 and Cat 265 models in October 2023. The Cat 255 replaces the 259D3 model, and the Cat 265 replaces both the 279D3 and the 289D3 models. In the cited rankings, the Cat 255 was ranked seventh and the Cat 259D3 was ranked 13th; had their sales been combined the combined model would have ranked fourth on that list.
Deere rolled out five new large-frame compact loaders to its P-Tier lineup in June 2024: the 330 and 334 P-Tier skid steer loaders and the 331, 333 and 335 P-Tier compact track loaders. Had sales of the Deere 333G and 333 P-Tier been combined, that model would have ranked sixth on the cited list. Kubota unveiled next-generation models SVL97-3 (compact track loader) and KX040-5 (mini excavator) at World of Concrete 2025 in January. As Kubota’s new models hit dealer lots, the report expects those units to climb the rankings and potentially join the 2025 list.
Major manufacturer investments in manufacturing
Volvo Construction Equipment announced a $261 million investment to expand crawler excavator production at sites worldwide, with the investment split among facilities in Shippensburg, Pennsylvania; Changwon, South Korea; and an as-yet-unnamed location in Sweden. The Shippensburg site will update existing factory space to install assembly lines, integrate more automation technologies and train employees. Shippensburg operations will add capabilities to produce mid- to large-size excavators and will add four large wheel loader models to its current wheel loader production, with production of the added wheel loader models at Shippensburg planned to begin in the first half of 2026. Volvo CE also pledged to invest $40 million in the central Pennsylvania area over the next five years (separate from the machinery expansion).
John Deere parent Deere & Co. announced it will invest $20 billion into its U.S. manufacturing operations over the next 10 years. The long-term pledge includes new factories, facility expansions and workforce development in locations such as Kernersville, North Carolina, and specific planned investments include a 120,000-square-foot expansion of its remanufacturing facility in Springfield, Missouri; a new excavator factory in Kernersville, North Carolina; expansion of its Greeneville, Tennessee turf equipment factory; and new assembly lines for the 9RX high-horsepower tractor in Waterloo, Iowa.
AI-driven construction forecast to 2030
Merlo’s forecast projects U.S. construction spending to rise from $1.553 trillion in 2025 to $1.889 trillion in 2030. The forecasted compound annual growth rate (CAGR) for U.S. construction spending between 2025 and 2030 is about 4%. By sector in Merlo’s forecast for 2030: residential at $755.8 billion; commercial at $567.2 billion; industrial at $377.4 billion; and infrastructure at $188.5 billion.
Geographically, Merlo’s forecast expects five states — California, Texas, Florida, New York and New Jersey — to account for 42% of total U.S. construction spending by 2030. At the metropolitan level, 35 metropolitan statistical areas (MSAs) are projected to represent 64% of total U.S. construction spending by 2030, and the top 10 MSAs are projected to account for more than one-third of total spending by 2030. The forecasted top metropolitan regions by 2030 spending list New York–Newark–Jersey City at $162.2 billion; Los Angeles at $95.5 billion; Chicago at $66.8 billion; Dallas–Fort Worth at $57.3 billion; and Houston at $52.5 billion.
Merlo’s forecast attributes part of industrial growth to a wave of data center development. The top 12 U.S. markets are forecast to account for 73% of all data center capacity by 2030, driven by cloud computing, artificial intelligence and 5G infrastructure. The Dallas–Fort Worth region is projected to reach 1,500 megawatts (MW) of data center capacity by 2030. Washington, D.C. is forecast to lead nationally with 3,000 MW of data center capacity by 2030.
The forecast uses AI-driven predictive modelling that started with a 2025 baseline and applied a growth baseline of 4% per year, assigning demand to metro areas based on demographics, economic strength and past construction activity. This approach and operational AI tools together illustrate a shift: predictive AI identifies where opportunities will be, while operational AI shows how contractors can compete in those environments.
Frequently Asked Questions
How many pieces of new financed construction equipment were sold during 2024?
Nearly 153,000 pieces of new financed construction equipment were sold during 2024.
By how much did new financed-unit totals increase over 2023?
The 153,000 new financed-unit total represents an 11.6% increase over 2023, according to Fusable’s EDA equipment finance data.
Which manufacturers were the top sellers of new financed equipment in 2024?
The top four manufacturers of new financed equipment in the U.S. in 2024 were, in order: Caterpillar (Cat), Kubota, Bobcat and Deere.
Which U.S. states purchased the most new financed construction equipment?
The U.S. states purchasing the most new financed construction equipment were (in order listed): Texas, Florida, Georgia, North Carolina and California.
What does Merlo’s forecast project for U.S. construction spending by 2030?
Merlo’s forecast projects U.S. construction spending to rise from $1.553 trillion in 2025 to $1.889 trillion in 2030.
How many U.S. states did Kubota lead in financed new units?
Kubota had the most new units financed in 19 U.S. states in the reported year, maintaining its position as the top seller in the most states for another year.
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Key Features at a Glance
| Feature | Detail |
|---|---|
| Total new financed units (2024) | Nearly 153,000 pieces of new financed construction equipment were sold during 2024. |
| Year-over-year change | 11.6% increase over 2023 |
| Top manufacturers (2024) | Caterpillar (Cat), Kubota, Bobcat and Deere |
| Top buyer states (ranked) | Texas; Florida; Georgia; North Carolina; California |
| Leading machine types | Compact units dominated; twelve of the top 15 financed new machines were compact or mini track loaders |
| Major manufacturing investments | $261 million by Volvo CE; $20 billion by Deere & Co. (U.S. manufacturing over 10 years) |
| Forecast to 2030 | Merlo’s forecast projects U.S. construction spending to rise from $1.553 trillion in 2025 to $1.889 trillion in 2030 |
Deeper Dive: News & Info About This Topic
Additional Resources
- Global Market Insights: Construction Equipment Telematics Market
- Wikipedia: Telematics
- Equipment Finance News: Medium‑duty auction values rise 3.1% YoY as market improves
- Google Search: medium duty auction construction equipment values
- Equipment World: Bestselling Construction Equipment of 2024
- Google Scholar: bestselling construction equipment 2024
- Manufacturing Dive: Volvo CE to expand U.S. production in Shippensburg, PA ($261M)
- Encyclopedia Britannica: Search — Volvo Construction Equipment
- GlobeNewswire: North America Construction Equipment Industry Report 2025
- Google News: North America construction equipment industry report 2025
Author: Construction TX News
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