Home > Economic Indicators > US business equipment borrowings up more than 8% y/y in November, ELFA says

US business equipment borrowings up more than 8% y/y in November, ELFA says

2024/12/21 1

(Reuters) – U.S. companies borrowed 8.7% more to finance equipment investments in November compared with the same period a year earlier, the Equipment Leasing and Finance Association said on Friday.

New loans, leases and lines of credit signed up by companies in November rose to $10.36 billion, from $9.53 billion in the year-ago period.

The Washington-based trade association, which reports economic activity for the more than $1 trillion equipment finance sector, also said that credit approvals for U.S. companies were at 74% in November this year.

© Reuters. FILE PHOTO: Manufacturing equipment is seen during a tour of Foxconn's electric vehicle production facility in Lordstown, Ohio, U.S. November 30, 2022. REUTERS/Quinn Glabicki/File Photo

The Equipment Leasing & Finance Foundation, ELFA’s non-profit affiliate, said its confidence index for December reached a fresh three-year high, indicating that executives expect continued strength in lending volumes and further improvements in financial conditions.

The ELFA CapEx Finance Index of leasing and finance activity is based on a 25-member survey which includes Bank of America as well as the financing units of Caterpillar (NYSE:CAT), Dell Technologies (NYSE:DELL), Siemens AG (OTC:SIEGY), Canon and Volvo AB (OTC:VLVLY).

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