With reports coming out over the past several months that the U.S. construction industry appears to be on the rebound, it only makes sense that the equipment rental sector would follow suit. In a recent analysis by the American Rental Association (ARA), total equipment rental in America is expected to increase 7.6 percent in 2014, reaching $35.8 billion.
Growth to continue through 2018
That growth, however, is just a taste of things to come according to ARA who forecast that revenue will grow 10.5 percent in 2015, 10.2 percent in 2016, another 8.9 percent in 2017 and 7.7 percent in 2018 for a total of just under $52 billion.
Although overall economy slowed more than expected in the first half of 2014, demand for equipment rental has remained strong according to a managing director with IHS Global Insight who compiled the ARA forecast.
Next year, the construction and industrial segment rental revenue is predicted to hit 10.7 percent while the general tool segment will grow 11.7 percent. Additionally, Canadian rental are also expected to see growth over the next two years. ARA expects U.S. rental companies to invest 30 percent of their revenues in new equipment over the next five years.
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