The equipment rental industry is poised for stable growth over the next few years, according to the latest forecast released by the American Rental Association (ARA). The new projections call for total rental revenue increases of 6.6% in 2016 and 5.6% in 2017. The forecast reflects the downward shift of investment in energy markets and continued growth in residential and nonresidential construction, the ARA said.
ARA’s latest forecast, with data compiled by IHS Economics, indicates that revenue totals have been revised upwards to reflect the latest data recently released by the federal government from the 2012 U.S. Economic Census.
The industry’s new U.S. total rental revenue figures in 2009 through 2012 also impact the totals for 2013 through 2015 and the numbers forecast for 2016 through 2019. According to the revised figures, total rental revenue — including construction/industrial, general tool/homeowner and party/special event — in 2012 was $36.5 billion compared to the previous estimate of $31.3 billion. The forecast for 2016 is now $48.2 billion and up to $53.7 billion in 2019.