According to the American Rental Association, the equipment rental industry remains on track to reach record revenue of $38.3 billion this year in addition to anticipated growth rates exceeding 7% through 2018.

The recently updated ARA Rental Market Monitor five-year forecast remains strong, despite slower demand for rental equipment from the mining, oil and gas sector, as commercial and residential construction spending have started to pick up steam this year and are expected to grow faster over the next few years.

Overall, total equipment rental revenue in 2015 for the U.S. is expected to grow 7.3% this year. Growth is also expected in the next four years, expectations of a 7.8% bump in 2016, a 7.3% boost in 2017, a 7.4% jolt in 2018 and a 6.5% leap in 2019, when revenue is expected to reach $50.6 billion.

For North America, with the U.S. and Canada combined, total equipment rental revenue is forecast to be $43.3 billion in 2015 and to reach $56.6 billion in 2019.

“The equipment rental industry continues on an upward trajectory and is expected to show significantly strong growth through 2019. Some specific market conditions may change, but rental companies are agile and can adapt their inventory and fleet to fit what the market demands,” said Christine Wehrman, ARA’s executive vice president and CEO. “Customers from large construction companies to contractors, homeowners, corporate event planners and families celebrating milestones likes weddings and graduations also continue to learn that renting equipment is a smart move, both economically and environmentally, leading to more organic growth for rental companies.”