With the worst of the Great Recession most likely behind us, many industries are looking to rebound and many companies are looking to rebound. Perhaps one of the industries hit the hardest over the past six years is the construction industry. From housing to transportation to commercial development, this industry took the brunt of the punishment from a flailing U.S. economy but has made some strides in recent years.
One area that appears to be in good shape is the rental construction machinery market. According to a recent story by Frank Manfredi for Equipment Today, equipment rental “became a much more common method of obtaining the use of machines on a regular basis” during the recession. According to Manfredi, the uncertainty caused by the collapse of the economy and the higher prices of machines due to the emissions regulations of the U.S. EPA have made it more economically friendly for users to rent rather than purchase equipment.
One of the segments of construction that has seen big growth over the course of the last few years is natural gas drilling, otherwise known as hydraulic fracking. An equipment intensive process, fracking often involves the use of earthmoving and lifting equipment, large pumps, air compressors and generator sets, according to Manfredi. To help reduce costs, fracking companies often inquire about renting the necessary equipment.
Although there are construction segments such as mining that may struggle in the near future, Manfredi estimates that “most equipment market categories will be up and that in total the market will be up 7.4%.” That’s good news for equipment retailers, rental companies, and the U.S. economy as a whole.
Is your company in need of heavy equipment for a major project this spring? Visit Rent It Today, the most comprehensive rental resource online, to view a list of providers of rental construction equipment such as dozers, crawlers, loaders, and backhoes.