Revised Forecast For Quarterly Equipment Rental Revenue Growth
The equipment rental industry in the United States is expected to show significant growth of 7.3 percent in 2014 to reach $35.7 billion, according to the American Rental Association’s (ARA) latest forecast from the ARA Rental Market Monitor.
The revised figures, compiled by IHS Economics, formerly IHS Global Insight, and recently released by ARA, are slightly below ARA’s previous July forecast of 7.6 percent revenue growth in 2014 to reach $35.8 billion.
“The revision in our expectations has to do with the general economy and with the construction industry, where growth this year has not met expectations,” says Scott Hazelton, managing partner, IHS Economics. “Construction will continue to improve in the fourth quarter, but it is not likely to accelerate enough to reach our earlier projections.”
The equipment rental industry’s growth rate, however, will more than triple the expected growth in gross domestic product (GDP) in the U.S. in 2014 and exceed the growth rates of the industries it serves.
You can read the ARA's article here.
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