Volvo Rents Opens Rental Center in Cleveland

Anchored by a forecasted growth of the equipment rental industry, as well as an increase in local construction spending, Volvo Rents, Shippensburg, Pa., has opened a new rental center at 16000 Brookpark Road in Cleveland, Ohio.

 

The new store is Volvo Rents’ fifth in the state of Ohio – joining existing locations in Columbus, Dayton, Hamilton and Zanesville – and will service the Cleveland Metropolitan area, including Shaker Heights, Painesville, Lorain, Strongsville, and Elyria, among others.

 

“As the recession abates, the construction equipment rental industry is projected to be one of the fastest growing industries in North America, as more people are choosing to rent rather than commit to capital expenditures,” said Mike Crouch, vice president of business development for Volvo Rents. “Our strong brand recognition, coupled with the growing demand for construction equipment rental, allows us to look to the future with great enthusiasm.”

 

According to the latest data released by the American Rental Association (ARA), overall North American equipment rental industry revenue is expected to increase at least 6.9 percent in 2012 to total $33.5 billion at year end. The five-year forecast calls for continued annual growth in rental revenue to reach a total of $53.1 billion by 2016.

 

Another forecast by McGraw Hill Construction says the growth of construction spending in the Cleveland-Elyria-Mentor area alone is projected to total nearly $4.8 billion by the end of 2016.