Updated equipment rentals forecast calls for more growth

By |  May 22, 2024
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The American Rental Association’s (ARA) latest forecast on equipment rentals in the U.S. calls for a 9.7 percent increase in 2024.

Such an increase would equate to $79.2 billion in construction and general tool rental revenue this year. Earlier this year, the association projected a 2024 increase of 7.9 percent in equipment rentals.

“The 2024 ARA forecast through the lens of our exclusive rental revenue model and survey results gathered from members confirms the continuation of a growing rental industry,” says Tom Doyle, vice president of program development at ARA.

For Canada, the ARA forecast calls for 7.2 percent growth in equipment rentals. Such an increase would total $5.79 billion.

“Our experience mirrors what ARA is reporting,” says Darryl Cooper, president of Cooper Equipment Rentals. “Despite headwinds in the residential market, revenues are up, with Western Canada stronger than Eastern Canada.”

Related: Look back on the American Rental Association’s early-year forecast

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About the Author:

Kevin Yanik is editor-in-chief of Pit & Quarry. He can be reached at 216-706-3724 or kyanik@northcoastmedia.net.

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