According to RentalPulse.com, American Rental Association (ARA) equipment rental store owners and managers as well as product suppliers to the industry remain optimistic about growth in 2012.
Nearly 80% of those responding to the July 2012 ARA Economic Survey of rental store members project an increase in rental revenue this year over 2011, with 44% expecting double-digit growth. More than 91% expect rental revenues to at least equal those of 2011.
The positive outlook translates to positive projections for new equipment purchases. Nearly 90% of the respondents expect to buy at least as much new rental equipment as they did in 2011, with 38% forecasting a double-digit increase.
More than 82% of ARA equipment manufacturers and suppliers responding to a separate survey said they project additional sales growth into the rental channel in 2012 over 2011. More than 55% expect double-digit growth and 100% expect to at least match 2011 sales.
The ARA Rental Market Monitor, using second quarter 2012 data compiled by respected forecasting firm IHS Global Insight, forecasts total rental revenue in the U.S. and Canada to increase 8.2% in 2012 which is more than four times the growth rate of the gross domestic product (GDP), significantly outpacing the rest of the economy.