Industry consultant Frank Manfredi predicts the rental market will grow 17 percent in 2011 in an article written for RER’s February issue. Manfredi expects the total rental market for construction, earthmoving and access equipment, which dropped to about $21.6 billion in 2010 to improve to $25.2 billion in 2011.
“We expect a construction employment gain this year of approximately 7 percent, which should have a multiplier effect for equipment rentals that will result in a 17-percent gain,” Manfredi wrote.
According to Manfredi’s estimates, rental industry volumes peaked in 2007 at $37.6 billion, dropping to $36.3 billion in 2008, $25.4 billion in 2009, and $21.6 billion in 2010.
Manfredi is president of Mandelein, Ill.-based Manfredi & Associates, a marketing information firm that specializes in the construction, mining, farm and material-handling equipment industries. Manfredi also publishes the Machinery Outlook Newsletter, which can be viewed at www.machineryoutlook.com. Manfredi’s annual size-of-the-industry articles have been popular annual features in RER.