The Equipment Leasing and Finance Association (ELFA) released its 2015 Survey of Equipment Finance Activity (SEFA) reporting new business volume grew 6.7 percent in the equipment finance industry in 2014.
Of industry new business volume in 2014:
- Construction equipment represented 11 percent of equipment financing new business volume reported by ELFA member companies, up from 9.6 percent in 2013;
- As an end-user of equipment finance, the construction industry represented 8.1% of new business volume reported by ELFA member companies, up from 7.2 percent in 2013; and
- Aerial work platforms represented 28 percent of the construction industry financing, and high-reach telehandlers represented 20 percent.
The rise in new business volume marked the fifth consecutive year that businesses increased their spending on capital equipment.