US equipment leasing companies wrote 25% more
new business in September than in the same month in 2010 — more
than double the six-month growth rate in Europe, according to a new
New business in September was $7.1bn (€5bn),
up 25% from the year-earlier period and also up 25% for the year so
far, the survey by the Equipment Leasing and Finance Association
(ELFA), also found.
The figures from the $628bn (€443.3bn) US
equipment industry, suggest that the recovery from the economic
downturn is stronger than in Europe.
European leasing companies increased new business by 10% to €115bn in the
first half of 2010.
ELFA President and CEO William Sutton, said:
“Our industry continues to show signs of strengthening despite a
stubbornly stagnant U.S. and global economy.”
Credit became slightly harder to obtain in the
US in September, the survey found. The number of lease applications
approved decreased slightly from 77.6% to 76.5%.
Growth in new business is making US leasing
companies feel more confident about their prospects. A “confidence
index” of US leasing companies stood at 50.7% in October, up from
47.6% in September, the Equipment Leasing & Finance Foundation
found in a separate survey.