MOLINE, Ill. — The rental industry reached $31.1 billion in 2005, according to a study released recently by the American Rental Association. According to the research conducted by Global Insight Inc., the construction and industrial equipment segment generated $21.9 billion; the general tool rental market $7.4 billion, and the party/event market $1.85 billion.
The research indicates the U.S. rental industry will grow at a 6-percent clip in 2006 and just under 5 percent in 2007, resulting in a U.S. market size of about $34.6 billion by 2007, outpacing total gross domestic product growth.
Boston-based Global Insight was formed by the merging of Data Resources Inc., and Wharton Econometric Forecasting Associates. It has 23 offices in 13 countries and annual revenues of more than $80 million.