ARA releases updated economic forecast for Canada
By American Rental Association
News Associations Business Intelligence #CRA ara business economic forecast
The American Rental Association (ARA) indicates that the updated forecast for total Canadian equipment rental revenue shows a 7.2 per cent growth this year, totalling $5.79 billion. Broken down by segment, general tool and construction and industrial equipment (CIE) are both expected to see growth.
Canadian general tool revenue this year is projected to be 6.8 per cent, $1.08 billion, up from last quarter’s projection of $954 million. Canadian CIE revenue is projected to be $4.71 billion.
“Our experience mirrors what ARA is reporting. Despite headwinds in the residential market, revenues are up, with western Canada stronger than eastern Canada,” says Darryl Cooper, president, Cooper Equipment Rentals.
General tool revenue is projected to increase 9.7 per cent this year to $16.6 billion and investment is expected to expand in 2024 and beyond. This year, investment in general tool is projected to increase 7.3 per cent with growth into 2025 at 7.9 per cent and into 2026 at 6.4 per cent.
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