Samuel Allen, chairman and CEO of Deere & Co. said rental rates for equipment are steadily climbing from their low period in 2008 and 2009, the Tulsa World reported. Allen made his comments during a visit to an equipment dealership, Yellowhouse Machinery Co., in Sand Springs, Okla., where he met with customers and addressed employees.
Allen told customers and employees that various industries are resuming purchasing and that he sees signs of a resurgence in construction despite the continued softness in residential construction. Allen said equipment sales have been sustained in Oklahoma by strength in the oil and gas industry.
Allen said strong agricultural commodity prices have helped farming. He added that fuel efficiency in Deere equipment is improving with industry demands.