LAS VEGAS, Oct. 9, 2018/Petroleum Equipment Institute/ -- Nearly 400 PEI members and officers heard firsthand the good news PEI Executive Vice President and General Counsel Rick Long delivered during his State of the Industry within the annual membership meeting.
“It is a wonderful time to be in business,” Long said.
On a scale of 1 to 10, distributors who were surveyed ranked current business conditions a 7.45, with construction, EMV upgrades and testing and compliance performing especially well. More than 14 percent of surveyed distributors said everything was going well.
Manufacturers rated 2018 a 7.49, citing upgrades and replacement of aging infrastructure as the year’s brightest spot.
More than 80 percent of distributors and manufacturers described themselves as extremely optimistic or optimistic about their businesses during the next three years.
Long said PEI members reported finding fewer skimmers this year than last year. He also shared a slide showing the level of interest PEI distributors have in installing electric vehicle (EV) chargers.
“Distributors are saying, 'I'm going to get in the game,'” Long said.
Of surveyed distributors, 3.5 percent said they are actively engaged in installing EV chargers, 15.8 percent plan to install EV chargers, 52.6 percent are considering involvement, and 28 percent said they have no plans to get involved with EV chargers.
Long delivered his remarks Tuesday, Oct. 9. The event was held in conjunction with the 2018 PEI Convention at the NACS Show in Las Vegas, the organization’s 68th annual convention and trade show.
A video of Long's State of the Industry is available here.
Founded in 1951, PEI is composed of more than 1,600 companies engaged in manufacturing and distributing equipment used in the fuel and fluid handling industry. Members are located in 50 states and 81 countries. PEI, headquartered in Tulsa, Oklahoma, is the leading authority and source of information for the fuel and fluid handling equipment and services industry. For more information, visit www.pei.org.