Last year was a better year for equipment leasing compared to the prior two years. A recent survey of business activity by the Equipment Leasing and Finance Association (ELFA) shows that the equipment finance industry regained some volume in 2010 after losing business volume in 2008 and 2009. Agriculture was among the industries posting the biggest gains.
Called the 2011 Survey of Equipment Finance Activity, the survey reported an overall 3.9% increase in volume in 2010, compared to a significant 30.3% decline reported in 2009 and a 2.2% decline reported in 2008. The survey is based on responses from 108 ELFA member companies. It covers key statistical, financial and operations information for the $521 billion equipment finance industry.
“Through 2010, the equipment finance industry showed gradual but steady growth,” said William G. Sutton, ELFA President and CEO. “Although uncertainty about the broader economy continues, more recent data collected in the first two quarters of 2011 suggests the trend toward an improved equipment finance industry is continuing.”