The commercial and industrial machinery and equipment rental and leasing industry generated $17.5 billion in operating revenue in 2023, up 8.5% from 2022.
The industry's growth was supported by elevated capital expenditures and higher levels of investment in non-residential building construction, as well as growth in total non-residential investment in 2023.
Among the provinces and territories, Alberta remained the largest contributor to the commercial and industrial machinery and equipment rental and leasing industry in 2023, accounting for 37.0% of national operating revenue. Operating revenue in Alberta grew by 10.8% in the year to $6.5 billion. Ontario (30.1%), the second-largest contributor to the industry, showed similar growth in operating revenue, increasing 10.5% to $5.3 billion. In contrast, a slowdown in major projects in British Columbia contributed to muted growth in operating revenue, which edged up by 0.4% and remained at roughly $2.3 billion.
The industry's operating expenses increased 10.2% to $15.0 billion in 2023. With operating expenses rising at a slightly faster rate than operating revenue, the operating profit margin declined slightly, from 15.5% in 2022 to 14.2% in 2023. Salaries, wages, commissions and benefits increased by 9.0% in 2023 and continued to make up the largest share of operating expenses (21.6%).
Potential for continued growth in 2024The commercial and industrial machinery and equipment rental and leasing industry is expected to follow a similar trend in 2024, with capital expenditures for all industries recording growth in the first three quarters of the year. Increased oil production in Alberta, supported by the completion of the Trans Mountain Expansion Project, is expected to contribute to another year of growth in the industry.
A more detailed look at how these factors influenced the commercial and industrial machinery and equipment rental and leasing industry in 2024 will be provided when data from the next annual survey become available.
Did you know we have a mobile app?
Download our mobile app and get timely access to data at your fingertips! The StatsCAN app is available for free on the App Store and on Google Play.
Note to readers
Data from 2021 and 2022 have been revised.
The reference to elevated capital expenditures in 2023 and capital expenditures in the first three quarters of 2024 was taken from table 34-10-0035-01.
The reference to higher levels of investment in non-residential building construction in 2023 was taken from table 34-10-0286-01.
The reference to growth in total non-residential investment in 2023 was taken from table 36-10-0108-01.
These and other data related to business and consumer services can be found on the Business and consumer services and culture statistics portal.