U.S. rental market sees softening growth in Q3

U.S. equipment rental saw softening growth in the third quarter of this year, a trend officials say is a return to “normal” for the industry which has seen a frenzy of expansion over the past few years.

In its updated forecast, the American Rental Association (ARA) indicates the U.S. equipment rental industry’s growth will soften but still grow. Last quarter, the year-over-year growth was expected to be 7.6% in 2023 and 3.1% in 2024. The most current projections indicate 11.8% growth in 2023 totaling $71.5 billion in construction and general tool rental revenue. As for 2024, a 7.1% revenue increase is now expected.