Rental Pulse reported total equipment rental revenue in North America for 2013 is expected to reach $38 billion, according to the latest figures released by the American Rental Association (ARA) from its ARA Rental Market Monitor™ service updated in late October. This figure represents a 6.2 percent increase over 2012 with fourth quarter revenue growth projected to be 7.1 percent and includes revenue for all three segments of the equipment rental industry — construction/industrial, general tool/DIY and party/special event — in both the U.S. and Canada combined.

The reports says that in the U.S. alone, equipment rental revenue is projected to grow 6.5 percent in 2013 to reach $33.3 billion.

According to Rental Pulse, U.S. economic analysis from the ARA Rental Market Monitor™ and IHS Global Insight, the U.S. equipment rental market is expected to continue its upward trajectory and show strong growth through 2017. Strong growth in residential and commercial construction through 2015 is expected to fuel the construction and industrial equipment segment, which is projected to grow 9.1 percent in 2014 and 10.5 percent in 2015.

To read the full Rental Pulse report, click here.