FILE PHOTO: Cranes and other construction equipment are seen towering over Las Vegas hotels at CONEXPO-CON/AGG convention at the Las Vegas Convention Center in Las Vegas, Nevada, U.S. March 9, 2017. REUTERS/David Becker
- U.S. companies’ borrowings for capital investments fell about 13% in September from a year earlier, the Equipment Leasing and Finance Association said on Thursday. The companies signed up for $8.7 billion in new loans, leases and lines of credit last month, down from $10 billion a year earlier. Borrowings in September rose 24% from the previous month.
“Despite the drop in September year-over-year new business, a look at the data beginning with the advent of the pandemic in February shows that the industry, in general, is holding its own,” ELFA Chief Executive Officer Ralph Petta said.Washington-based ELFA, which reports economic activity for the nearly $1-trillion equipment finance sector, said credit approvals rose to 72.9% in September from 71% in August.
ELFA’s leasing and finance index measures the volume of commercial equipment financed in the United States.