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U.S. rental revenue continues to outpace the economy
“As we look toward the third quarter of the year, we continue to see significant growth opportunity in succeeding future years for equipment rental. The dynamics of the economy drive this industry, along with individual management initiative. Rental operators adeptly balance these factors to build their rental revenue volume. Rental penetration continues its growth pattern, as the customer base relies on rental as a preferred business option,” says Christine Wehrman, ARA’s executive vice president and CEO.
“The U.S. economy slowed more than expected in the first half of the year, but equipment rental demand has remained strong. We have lowered our growth expectations for 2013 modestly to reflect this, but rental growth will still handily outperform the overall economy. The path ahead still looks promising with employment growth continuing and housing data coming in strong, which implies an improving commercial construction market to follow. Industrial markets, especially those tied to energy exploration and production, also should see growth,” says Scott Hazelton, a senior partner with IHS Global insight, which compiles data and analyses for the ARA Rental Market Monitor.