WEEKLY EDITION DECEMBER 4, 2019
PAGE 15
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Equi pment and Event Renta l Revenue Foreca st to
Outp ac e Economi c Gr owth
From the American Rental Association
(Nov. 11, 2019) MOLINE, IL.: The equipment and event rental
industry in North America is expected to finish the year with total
revenue up 5.35 percent to $61.56 billion, the first time combined
rental revenue for Canada and the United States has surpassed
$60 billion, according to the latest forecast released by the
American Rental Association (ARA).
The latest updated figures, released Nov. 7, show rental revenue
in the U.S. forecasted to be $56.02 billion in 2019 with Canada
generating $5.54 billion in revenue from rentals of construction
and industrial, general tool, and party and event equipment.
The five-year forecast calls for continued growth for U.S. rental
revenue through at least 2023, reaching $64.1 billion that year,
and for Canada to reach $6.35 billion.
Although the outlook calls for slightly slower growth rates than the previous quarterly forecast in August, the
industry continues to outpace the general economy in the U.S. where gross domestic product (GDP) growth
slowed from a 3.1 percent annual growth rate in the first quarter to 2.0 percent in the second quarter. The
third quarter GDP growth estimate is 1.9 percent.
According to IHS Markit, the forecasting firm that compiles data for ARA and its ARA Rentalytics subscription
service, new tariffs on U.S.-China trade flows and diminishing fiscal stimulus could contribute to a slowdown in
annual real GDP growth from 2.3 percent in 2019 to 2.0 percent in 2020 and 2021, and 1.7 percent in 2022.
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