Commercial and industrial machinery and equipment rental and leasing generated $18.1 billion in 2024
The commercial and industrial machinery and equipment rental and leasing industry generated $18.1 billion in operating revenue in 2024, up 4.5% from 2023, representing continued growth for the industry.
Higher levels of capital expenditures in 2024 supported continued demand for equipment rental and leasing, particularly in the construction sector. Steady growth in investment in non-residential building construction encouraged demand for heavy machinery and equipment rental and leasing.
Among the provinces and territories, Alberta remained the largest contributor to the commercial and industrial machinery and equipment rental and leasing industry in 2024. The operating revenue in this province was $6.4 billion, or more than one-third (35.3%) of the industry's nationwide operating revenue. Ontario (31.1%), the second-largest contributor to the industry, also showed growth in operating revenue, increasing 6.7% from 2023 to $5.6 billion in 2024. On the west coast, British Columbia's operating revenue rose 3.9%, reaching $2.4 billion. This growth was driven by increased investment in non-residential building construction.
The industry's operating expenses increased 6.6% to reach $15.8 billion in 2024. With operating expenses growing at a faster pace than operating revenue, the industry recorded a lower profit margin in 2024 (12.6%) than in 2023 (14.2%). Amortization and depreciation expenses (22.0%) made up the largest share of total operating expenses in 2024.
Looking ahead to 2025
Several indicators are pointing to continued growth expectations for the commercial and industrial machinery and equipment rental and leasing industry in 2025. The Trans Mountain pipeline expansion, which will complete its first full year of operation in 2025, is anticipated to continue to support Canadian oil exports. In addition, capital and repair expenditures on non-residential tangible capital assets are intended to increase in 2025, which may support demand for heavy machinery and equipment rental and leasing.
Note to readers
Data from 2022 and 2023 have been revised.
The reference to higher levels of capital expenditures in 2024, including in the construction sector, and of capital and repair expenditures on non-residential tangible capital assets in 2025 was taken from table 34-10-0035-01.
The reference to steady growth in investment in non-residential building construction was taken from table 34-10-0293-01.
These and other data related to business and consumer services can be found on the Business and consumer services and culture statistics portal.
Contact information
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