This is an excerpt from an International Rental News article by Murray Pollok.
The American Rental Association (ARA) continues to make bullish forecasts for the U.S. rental market with 7.0% growth expected this year followed by increases of 9.2% next year and 12.9% in 2015.
The 7.0% figure is slightly lower than the 7.3% estimated by the association in May this year, reflecting a modest slowdown of the economy, but it remains an extremely high rate and in stark contrast to Europe where rental market growth this year is expected to be around 1%.
The ARA figures come from its quarterly Rental Market Monitor produced by consultant IHS Global Insight.
“The U.S. economy slowed more than expected in the first half of the year, but equipment rental demand has remained strong”, said Scott Hazelton, a senior partner with IHS Global insight, “We have lowered our growth expectations for 2013 modestly to reflect this, but rental growth will still handily outperform the overall economy.
“The path ahead still looks promising with employment growth continuing and housing data coming in strong, which implies an improving commercial construction market to follow. Industrial markets, especially those tied to energy exploration and production, also should see growth”.
The full article is available on the International Rental News website.
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