Housing gives Iceland's rental sector boost

By Murray Pollok19 March 2008

The high demand for houses, offices and infrastructure is giving Iceland's construction equipment rental sector a huge boost, according to Hjalti Mar Bjarnason (above), chief executive officer of construction equipment dealer, rental and materials supply company Mest.

Mr Bjarnason expects the demand for construction equipment rental to double within the next five years thanks to a growing population and a surging economy; “The construction market has really boomed in the last four years and the future looks good too. This is because [Iceland's] economy is solid, business confidence is high and the private sector is strong.”

He told IRN he was hoping that rental would generate 10% of the company's forecast 2007 revenues of ISK12,5 billion (€150 million).

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