The US equipment rental market is expected to grow 9.8% in 2014, according to a report released this week by the American Rental Association. And it is expected to increase even further, to 11.8%, in 2015.
During 2013, the US equipment rental industry grew 7.3% over 2012, with $33.6 billion in revenues projected, the ARA report stated. The reason for the strong forecast was anticipated growth in residential construction as the nation continues to bounce back from the housing crisis of the past several years.
“The US equipment rental market is expected to continue its upward trajectory and show significant growth through 2017,” according to a summary of the report, called the ARA’s Rental Market Monitor. “Strong growth in real residential construction through 2015 will fuel the construction and industrial equipment segment.”