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Demand for construction in the Asia-Pacific region is expected to rise nearly 5% per year and reach $123 billion by 2023, according to a Freedonia Group study entitled Global Construction Machinery. So reports The Morning Journal.

Some of the key contributing factors are rising mechanization rates and labor costs in the region as well as the “widespread availability of affordable models, many of which are locally produced.” Further, China, the world’s largest purchaser and producer of construction machinery, is expected to enjoy regional gains.

Read the full article from The Morning Journal.

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