Rental has stellar 2011, sees 7 percent growth this year
The American Rental Association expects overall North American rental industry revenues to increase “at least” 7 percent in 2012 to total $33.5 billion, based on figures compiled by IHS Global Insight. This number reflects the total forecasted for ARA’s three segments — construction and industrial, general tool rental, and party and event — in the United States and Canada.
While some rental operations expect this growth to come from increased demand as the construction industry recovers, ARA says the benefits of renting have been magnified in today’s marketplace, resulting in more rental customers. Many construction equipment companies, including United Rentals, say they are seeing a “secular shift” in North America as customers recognize the benefits of rental. More than 96 percent of those surveyed said they expected annual rental revenues this year to at least equal 2011, with 85 percent expecting an increase and more than 37 percent expecting double-digit revenue growth this year.