The equipment rental industry outperformed the industries it serves in 2011 and should continue strong momentum into 2012 according to new data released this week by the American Rental Association.
ARA predicts the North American equipment rental industry revenue to increase at least 6.9 percent in 2012 to total $33.5 billion by the end of the year, based on figures compiled by IHS Global Insight, one of the world’s leading economic forecasting firms. The rental industry’s forecasted revenue growth in 2012 is more than three times the 2-percent growth in gross domestic product forecast for the United States in 2012.
The forecasted rental revenue total includes three industry segments — construction and industrial, general tool, and party and event — in the United States and Canada. The ARA Rental Market Monitor’s current five-year forecast calls for continued annual growth in rental revenue to reach $53.1 billion by 2016 in North America.
The forecast predicts a 7.5-percent jump in construction-related rentals, 6.6-percent in general tool, and 2.5-percent in party rental.