If there were a word to best sum up the end of last year heading into this year, it would be change and at Takeuchi, change seems to be a theme of late. Change can sometimes have a negative connotation, but ours have all been completely positive and due to a vastly growing team.
Since we announced our plans last August to add a new distribution facility to our existing campus here in Pendergrass, Georgia, we have made a number of personnel moves including hiring seven new employees and promoting nine to new positions, and we are still growing. It has not only been a busy time here at Takeuchi-US, but also overseas at our parent company in Japan. They recently completed a major expansion to their corporate complex located in Sakaki, Nagano, Japan.
The restructuring is a direct result of our increase in volume, market share, and number of dealers, as well as our continued desire to provide a high level of service to our dealers. An example of this happened in the late fall when we decided to create a new region in the eastern United States that we designated as the Mid-Atlantic region. This change will bring about even more opportunity and help us maintain great service to this busy region.
We are not alone in feeling this momentum build as the industries we serve are currently showing growth with each passing month. As of March, the numbers in the rental industry show steady growth, which is forecasted to continue over the next few years according to the American Rental Association (ARA). ARA calls for a total revenue increase of 6.6 percent in 2016 and 5.6 percent in 2017. Total rental revenue, which includes construction/industrial, general tool/homeowner and party/special event, is now at $48.2 billion and up to $53.7 billion in 2019. And as far as construction spending goes, data shows that it has a strong rate of year-over-year growth in all major categories and has been stable, according to the Associated General Contractors of America. This is great news for all involved, from the manufacturers to the dealers, contractors, etc.
At Takeuchi, we pride ourselves on our service to you, our customer, and our dealers. We are in a great position to succeed for years to come and will continue to put you at the forefront, which has led us to where we are now. So, from all of us at Takeuchi, we appreciate your continued support.
Sincerely,
Clay Eubanks