Rental on the rise
Revenue growth forecasted for equipment rental industry
Significant U.S. revenue growth for the equipment rental industry is forecasted for the next several years and will exceed $46 billion in 2017, according to ARA’s Rental Market Monitor service. The largest growth potential is in the construction and industrial market segment, followed by general tool/do-it-yourself. Data and analysis for ARA Rental Market Monitor is compiled by IHS Global Insight, an economic forecasting firms based in Lexington, Mass.
The forecast for the construction/industrial market is showing 8.4 percent growth in 2013 and 9.8 percent in 2014, while the general tool/do-it-yourself segment is expected to grow 5.8 percent in 2013 and 10 percent in 2014.
A recently released document, the “ARA Equipment Rental Penetration Index,” measures the amount of equipment that is rented as a percentage of total construction equipment. Current levels now indicate that rental represents just more than 50 percent of the construction market. This is more than a 10 percent increase in the last 10 years.
Originally published in Masonry magazine.
About the Author
Masonry, the official publication of the Mason Contractors Association of America, covers every aspect of the mason contractor profession - equipment and techniques, building codes and standards, business planning, promoting your business, legal issues and more. Read or subscribe to Masonry magazine at www.masonrymagazine.com.