The latest American Rental Association (ARA) five-year forecast projects equipment and event rental revenues in North America will exceed $71.7 billion in 2022, including $65.4 billion in the United States and $6.3 billion in Canada.
Rental revenues continue to grow, but as a slower pace.
“Our forecast for 2019 does indicate slower growth than we have experienced in 2018 because the U.S. economy is projected to grow at a slower rate,” said John McClelland, Ph.D., ARA vice president for government affairs and chief economist. “However, in both cases, rental revenues are expected to grow at higher rates than the economy,” McClelland said.
In the U.S., equipment rental revenue is expected to finish 2018 at $53.04 billion, up 7.6 percent over 2017. Revenue is forecast to grow another 5.5 percent in 2019, 5.9 percent in 2020, 5.1 percent in 2021 and 4.7 percent in 2022. While the construction/industrial segment remains the largest, its growth rate falls below the percentage of revenue increases for the other categories.