Recent gains in construction show some promise of job growth in the state of Texas. As industry leaders pull out of the economic hole created in 2008, signs of expansion could bode well for construction equipment rentals.
According to IHS Global Insight economist, Steve Frable, nine states are at or above pre-recession peak employment with Texas listed in the top three states for annual job growth as of May 2013. In the Dallas News, Frable continues, “Texas is so large with highly diversified industries … combined with the relatively low cost of land and low taxes, it only makes sense that it is doing well.”
Job availability matched with low interest rates will increase house affordability. As developers begin to regain traction in the house building market, rental companies are staged to benefit the most, especially in Texas. Case in point, as of July 2013, Volvo Rents, has expanded their rental locations by twelve in Texas alone.
“Despite a recession that has been challenging for all those in the construction industry, we’ve remained confident in our brand and invested in our future. We’ve been quietly growing our business in Texas throughout the downturn and look forward to playing an integral part in the state’s economic recovery.” – Mike Crouch, VP of Business Development for Volvo Rents