The American Rental Association (ARA), which offers quarterly updates to its five-year forecast for equipment rental industry revenue to reflect more current economic factors, released its second quarter outlook which calls for continued revenue growth of 5.6 percent in 2016 and 4.9 percent in 2017 in the U.S.
Total revenue in the U.S., including the three segments of the equipment rental industry — construction/industrial, general tool, and party and event — in 2016 is expected to reach a record $47.9 billion and climb to an unprecedented $55.6 billion in 2019.
“The U.S. economy continues to expand. The wild card is that much of the global economy has failed to ignite. Sluggish growth from U.S. trading partners continues to weigh on oil prices, preserve the high value of the dollar and subdue business confidence in key industries,” says Scott Hazelton, managing partner, IHS Global, Lexington, Mass., the respected global forecasting firm that compiles data and analyses for the ARA Rental Market Monitor.
Read more of the ARA's second quarter summary here on RentalPulse.com.