By Ryan Whisner – American Rental Association (ARA) Growth in the North American equipment rental industry will slow over the next five years with a recession and an anticipated reduction in demand, according to the latest American Rental Association forecast. Single-digit percentage increases are expected in equipment rental revenue, including construction and general tool. For 2023, ARA projects an increase of 3.4% to nearly $57.7 billion, after 11% growth in 2022 to reach $55.8 billion. “In the current forecast we see a definite softening in rental revenue growth, but we do not see negative growth,” said John McClelland, ARA vice president for government affairs and chief economist. READ FULL ARTICLE>>
