Trending Content

Slowed growth and a positive outlook: ARA’s quarterly forecast is shared at The ARA Show

By Lauren Watts

February 13, 2023

American Rental Association logoIn its updated forecast, the American Rental Association (ARA) indicates that U.S. equipment rental revenue surpassed its pre-pandemic highs in 2022, ending the year as a $56.1 billion industry. Here are five more findings that ARA, in partnership with S&P Global Market Intelligence, will share at its press conference today, at The ARA Show™. 

1. In 2023, the U.S. equipment rental industry’s growth will soften, but still grow. Year-over-year growth in 2022 was around 13.5 percent and year-over-year growth is expected to be around 5.3 percent in 2023 and 1.9 percent in 2024. Despite a slowdown, positivity is evident among ARA members with larger and small operations.  

“In speaking with rental companies across the United States and Canada, despite some unprecedented headwinds, their businesses are strong. It’s generally a great time to be in rental,” says Tom Doyle, ARA vice president of program development.

ARA’s third annual construction equipment survey, released in January, showed fleet growth in all 30 product groups. Rental companies in North America that responded are estimating a 58 percent increase in new equipment purchases. Of those respondents, 79 percent said their orders included mobile elevating work platforms (MEWPs) and 59 percent said their orders included earthmoving equipment. 

2. Growth will slow in U.S. general tool rental revenue in 2023 as well. This will be driven by weakness in the construction markets, especially residential. Year-over-year growth in 2022 was 6.5 percent. In 2023, 2.8 percent growth is estimated and, in 2024, growth is estimated at 2.9 percent. 

3. Federal policy and investments will continue to affect the rental industry, from the Infrastructure Investment and Jobs Act to the tax policy of the Tax Cuts and Jobs Act to $185 billion available for new projects. 

“The outlook for equipment rental continues to be positive. With significant funding for infrastructure coming in 2023, the demand for equipment will continue to grow,” says John McClelland, Ph.D., ARA vice president for government affairs and chief economist. “In addition, more funding is coming from the Inflation Reduction Act as we begin to build out the electricity infrastructure for both vehicles and equipment.”  

4. In 2022, Canadian equipment rental revenue totaled $4.5 billion. Overall, in 2023, stagnant growth is anticipated with a rebound expected in 2024. Projected 2023 rental revenue for Canadian construction and industrial equipment is $3.8 billion, with slow growth from 2024 to 2026.  

Projected Canadian general tool rental revenue in 2023 is $969 million, a decrease of 1.5 percent from 2022. However, a strong rebound is expected in 2024 – 4.7 percent growth to more than $1 billion. 

5. In other ARA news, the ARA Certified MEWP Training program has expanded its reach. ARA members who complete the ARA Certified MEWP Train the Trainer program can now use the program to train their customers. More information on the program is available at 

“We are happy to roll out the phase of ARA Certified MEWP training to improve the safety culture of our industry,” says Kevin Gern, ARA vice president of education and risk management. “This training allows us, as an association, to help our members and the end customers, understand the necessity of thorough, up-to-date training for MEWPs. This training gives our members another way to serve their customers and keep them safe on job sites.” 

Subscribe to Rental Pulse and don’t miss any ARA quarterly forecasts. For more in-depth economic data, visit, to learn more about ARA Rentalytics™.