WOLF expands decking line
WOLF Home Products has added three new collections to its decking line, marking the largest one-year extension of decking in the company’s history.
The new Intrepid, Captiva and Pacific collections, which include 11 new colors, are all Made in USA and compatible with hidden fasteners for a clean look.
Intrepid is a composite decking collection made with patented Strandex technology, which boosts durability in the face of harsh weather and heavy traffic. The boards are also reversible, featuring a wood grain pattern on one side and a brushed finish on the other. Intrepid is available in Grey, Cedar, Redwood and Walnut.
Meanwhile, Captiva and Pacific both feature Strandex cores with capped composite material, designed to help prevent warping, cracking and swelling. The variegated boards are also low-maintenance, requiring no staining or other treatment. Captiva is available in Cedar Ridge, Potomac Grey, Acacia and Willow, and Pacific is available in Glacier Grey, Eldorado Brown and Sequoia.
WOLF’s Tropical Hardwood PVC Decking Collection has also expanded to include a new color, Black Walnut.
Mercer tapped for rental industry HoF
Rental industry veteran Angus Mercer will be recognized for his impact on the industry and become the newest inductees into the Rental Hall of Fame next February.
He will be formally inducted during the keynote session at The Rental Show in New Orleans.
The American Rental Association created the Rental Hall of Fame in 2000 to foster an appreciation of the historical development of the rental industry and the leaders who have made the industry what it is today. Each year, nominations are accepted to recognize individuals who have made a substantial impact on the industry at the national or international level.
Throughout more than 40 years in the rental industry, Angus W. Mercer of Charlotte, North Carolina, was president of Contractor Service and Rentals (CSR), president of the southeast division of Grace Equipment Co. and chairman of Mercer Equipment Co.
By many accounts, Mercer and CSR were one of the first to offer the option to rent rather than buy equipment, beginning in the 1950s. It became a very successful option.
Mercer built CSR to eight stores in North Carolina and South Carolina that generated $21 million in annual rental and sales in 1981, when he sold the company to Grace Equipment. He continued as president of the southeast division, which he increased to 18 locations with more than $60 million in receipts.
In 1990, he began Mercer Equipment with his sons-in-law and served as chairman. The company was sold to United Rentals in 1997, when it had annual sales of $14.5 million.
Mercer also brought innovation to rental. In 1956, he began using mechanical accounting machines for tracking each individual item in CSR’s rental fleet. The program captured such data as cost, income, maintenance, utilization and return-on-investment, and served as a management tool.
Revised rental equipment forecast: still strong
The equipment rental industry in the United States is expected to show significant growth of 7.3% in 2014 to reach $35.7 billion, according to the American Rental Association’s (ARA) latest forecast from the ARA Rental Market Monitor.
The revised figures, compiled by IHS, formerly IHS Global Insight and recently released by ARA, are slightly below ARA’s previous July forecast of 7.6% revenue growth in 2014 to reach $35.8 billion.
“The revision in our expectations has to do with the general economy and with the construction industry, where growth this year has not met expectations,” said Scott Hazelton, director of Industry Consulting at IHS. “Construction will continue to improve in the fourth quarter, but it is not likely to accelerate enough to reach our earlier projections.”
The equipment rental industry’s growth rate, however, will more than triple the expected growth in gross domestic product (GDP) in the U.S. in 2014 and exceed the growth of the industries it serves.
In 2015, the equipment rental revenue is expected to grow another 9.2% to reach $39 billion, followed by growth of 7.7% in 2016, 8.5% in 2017 and 9.3% in 2018, reaching $49.8 billion.
“We continue to monitor our industry on a quarterly basis to give our members the best information available in a rapidly changing economic environment,” says Christine Wehrman, executive vice president and CEO for the American Rental Association. “The latest forecast continues to demonstrate a strong growth pattern for our industry,” said Wehrman.
Over the next four years, the construction and industrial segment and the general tool segment will experience near double-digit growth in U.S. rental revenue. In 2015, construction and industrial rental revenue is projected to increase 9.8% and general tool 9.0%, followed by 7.9% and 8.1% in 2016, 8.6% and 9.8% in 2017 and 9.0% and 11.8% in 2018, respectively.
The party and event segment is expected to continue its same steady growth, with revenue increasing 4.2% in the U.S. in 2014 to reach $2.6 billion, followed by growth rates of 3.9%, 3.5%, 2.5% and 2.7% for 2015 through 2018.
The forecast for Canada calls for 5.4% growth in 2014 to $4.9 billion, with growth of 5.2% in 2015, 6.8% in 2016, 3.5% in 2017 and 3.6% in 2018 to total $5.9 billion at the end of the latest five-year forecast.
It also is expected that rental companies in the U.S. will continue to invest more than 30% of their revenue in new equipment over the next five years. Total investment, according to the ARA Rental Market Monitor, is projected to reach $11.9 billion in 2014 and grow to nearly $15.5 billion in 2018.