The apex construction rental industry is booming with more than 10,000 workers being employed on every construction site in the country.
With the construction sector growing at a brisk pace, we are finding that the rental sector is in a good position to grow in the long run.
As per a report released by the construction consultancy IHS, the construction rental sector in the nation is set to grow by 11 per cent over the next five years.
This sector is likely to see an annual growth rate of about 25 per cent in the next ten years.
The growth in the construction industry in the current economic climate will come as a great relief to the construction workers in the sector.
“It is good news for the construction labour force and also the overall construction industry,” said T S Dhawan, senior managing director, IHS India.
Construction workers are also set to benefit from lower construction prices and reduced inflationary pressures.
“The construction sector is witnessing a significant improvement in terms of the price per unit of construction in the last few years,” said Dhawan.
“IHS India expects construction industry to see a positive impact on the economy in the near term and growth will accelerate thereafter,” he added.
IHS said that the construction rentals sector is set for a major growth period in the coming years.
“With the construction housing market in a favourable position, construction rentals are likely to continue to be the dominant rental sector,” said IHS’ chief economist and managing director of the India project, R Raghunath.
The report added that construction rentals in India have been witnessing a sustained and rapid growth over the last decade.