An article published on Rental Pulse, indicates that revenue growth for the equipment rental industry in the United States will continue to outperform the general economy in 2013.
According to the report, the latest American Rental Association (ARA) forecast from the ARA Rental Market Monitor™ indicates industry revenue will grow another 7.6% to reach $33.5 billion next year.
The forecasted growth rate for the equipment rental industry including construction/industrial, general tool/homeowner and party/special event segments — is more than four times the expected 2013 growth in gross domestic product (GDP) in the United States.
Additionally, the report says the equipment rental industry revenue is forecasted to grow even faster in 2014 and 2015 with total annual revenues surpassing $45.3 billion in the U.S. before the end of 2016.
According to the report, Christine Wehrman, ARA’s executive vice president and CEO believes the equipment rental industry will continue to be on the leading edge of the U.S. economic recovery.
ARA also forecasts a significant increase in equipment investment by equipment rental companies of more than 20% in 2014 and 2015.