United Rentals (NYSE:URI) rents construction equipment like aerial work platforms and forklifts. Its primary revenue sources are private commercial and residential construction companies, but it also rents to public clients like municipalities and utilities. URI rents over 2,900 different classes of equipment^[1] and holds about 10% of the equipment rental industry by revenue, the biggest share of any company in this segment.^[2] URI's large equipment fleet and geographic reach across the United States, Canada, and Mexico allow it to create an extensive equipment sharing network, maximizing usage and reducing the amount of equipment needed at each rental location.^[3]

United Rentals is exposed to the cyclical nature of the residential and commercial construction industries, but not in the same way as builders or equipment manufacturers. Downturns in the economy which hurt these industries mean slower demand for construction equipment. However, recessions provide increased incentives to rent rather than purchase equipment, which spurs demand for United Rentals' products and services.

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