Source: Staff Report (EQW)
The rise of contractors renting construction equipment continues as they balance the cost of owning versus renting, according to a new survey by EquipmentWatch.
The new 2024 State of the Construction Equipment Economy report also shows that contractors still place a high premium on equipment ownership. The result is a constant balancing act in weighing the costs and trying to remain profitable in a landscape of slimmer profit margins.
“There is no doubt that the dynamic and multifaceted nature of decision-making within the construction equipment economy continues to keep many on their toes,” the report says.
The result has left contractors more often “balancing ownership with flexibility to adapt to changing needs and market conditions.”
Buying vs. Renting
The EquipmentWatch report takes an in-depth look at equipment owners’ buying and renting habits, including the types of equipment they are most apt to own and those they most frequently rent.