Yes that’s right, faster than the overall U.S. economy. And that’s nothing new. The ARA Forecast, which was updated in the ARA Rental Market Monitor in mid-November, projected industry revenue to rise 7.6 percent to reach $33.5 billion in 2013. RentalPulse reports that that growth would be more than four times higher than the expected GDP growth for the U.S. next year.
What’s more, this may only be the beginning of a trend of faster growth for construction and equipment rental, which the ARA predicts could climb even higher in 2014 and 2015, with a potential to exceed $45 billion by 2016.
Growth is Nice, But What Does This Mean?
Anytime you hear the words “strong growth” and “construction” together, you likely paint a picture of more houses popping up across the country. While the housing market is certainly improving, these latest figures from the ARA apply to the full spectrum of construction projects.
More demand for office trailers, portable storage units and other equipment used on construction sites is an excellent sign for construction in general. After all, more construction starts mean more equipment is needed. And that’s what experts are looking forward to as we head into 2013.
So despite the all doom and gloom talk of the economy, there are positive trends that show construction is poised to experience sustained growth years ahead.