Rental Pulse reported the equipment rental industry revenue forecast for the next five years continues to paint a very positive picture for the future in the United States, with growth rates exceeding 7 percent through at least 2018, according to the latest projections released by the American Rental Association (ARA). The U.S. industry also remains on track to reach record revenue of $38.3 billion in 2015.

According to the Rental Pulse report, the recently updated ARA Rental Market Monitor™ five-year forecast remains strong, despite slower demand for rental equipment from the mining, oil and gas sector, as commercial and residential construction spending have started to pick up steam this year and are expected to grow faster over the next few years.

Overall, total equipment rental revenue in 2015 for the U.S. is expected to grow 7.3 percent with growth of 7.8 percent in 2016, 7.3 percent in 2017, 7.4 percent in 2018 and 6.5 percent in 2019 to reach $50.6 billion.

In Canada, equipment rental revenue is forecast to increase 2.6 percent in 2015 to reach $4.04 billion. The growth rate is projected to increase 3.1 percent in 2016, 3.9 percent in 2017, 6.4 percent in 2018 and 4.5 percent in 2019 to reach $4.83 billion.

For North America, with the U.S. and Canada combined, total equipment rental revenue is forecast to be up 6.8 percent to $43.3 billion in 2015 and reaching $56.6 billion in 2019.

To read the full Rental Pulse report, click here.