Total equipment rental revenue in North America for 2013 is expected to reach $38 billion, according to the latest figures released by the American Rental Association (ARA) from its ARA Rental Market Monitor™ service updated in late October. This figure represents a 6.2 percent increase over 2012 with fourth quarter revenue growth projected to be 7.1 percent.
The figure includes revenue for all three segments of the equipment rental industry — construction/industrial, general tool/DIY and party/special event — in both the U.S. and Canada combined. In the U.S. alone, equipment rental revenue is projected to grow 6.5 percent in 2013 to reach $33.3 billion.
“The general economy in the U.S. has slowed down slightly this year with the gross domestic product (GDP) now forecast to grow 1.5 percent in 2013. That means equipment rental industry revenue continues to grow at more than four times the general economy,” says Christine Wehrman, ARA‘s executive vice president and CEO. “The industry remains vibrant, strong and will benefit even more in the coming years due to nonresidential growth, supplemented with residential construction growth and the strong influence of the energy boom in North America. We expect revenue in the U.S. to grow 8.4 percent in 2014 and 11.3 percent in 2015,” Wehrman says.